Illinois’ broken pension system puts $100,000 a year or more into the hands of 62 former state lawmakers. It has paid more than $1 million to 94 of them.
Three points stick out in recently released numbers: First, J.B. Pritzker is not a popular governor. Second, pollsters need to get real about the “fair tax” fantasy. And third, pension reform draws a diverse base of support, except at the Statehouse
“[There’s] concern about not having a pension in the future because it’s so unsustainable. I would like to have my pension. I don’t think there was a lot of actuarial science involved when these pensions were put in place."
Illinois Democrats, union members, government or nonprofit workers, and people of all income groups support a pension amendment that allows for changes in cost-of-living raises and other future benefits.
As Illinois elected leaders continue to delay action on pension reform, a broad and bipartisan coalition has succeeded in pushing for reforms to public employee benefits in New Mexico.
The former leader of a wealthy school district is receiving a massive pension boosted by a pair of 20% raises given during her final two years. Illinois needs pension reform.
The pension crisis is worse than the state admits, and the state’s official projections cannot be trusted.
Eddie Johnson was fired before his scheduled retirement after he was found asleep behind the wheel. He blamed medication. Video showed him drinking.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.
Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.
Illinois’ pension crisis is the nation’s worst. Maybe that’s because elected officials take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.
Illinois could give every undergraduate in public college nearly $70k a year if it spent the same 4% of its budget on pensions as it did throughout the 90s, rather than the 25% it spends today.