Chicago Public Schools CEO Forrest Claypool calls for an end to “pickups” of employee pension contributions, which would save the cash-strapped district $174 million a year.
The president of the Chicago Teachers Union defied the school board to require teachers to pay more of their own retirement costs.
HB 422 mandates more frequent examination of Illinois’ pension funds and promotes a much-needed increase in state retirement fund oversight.
Politicians have proven incapable of making the decisions required to maintain the health of Illinois’ pension systems, as they lack the knowledge and actuarial understanding to do so.
The General Assembly Retirement System is one of the country’s worst-run retirement funds.
The status quo has clearly failed residents in the Windy City and statewide.
The Illinois Supreme Court’s precedent has made it impossible for Chicago to stave off bankruptcy by making even the most meager reforms to government-worker pensions.
The pension shortfall per Chicago household stands at $33,500 each.
For Greece and Puerto Rico, avoiding sustainable solutions has lead to fiscal ruin. When will Illinois’ lawmakers stop whistling past the graveyard?
As contract negotiations heat up this summer, the facts are hard to stomach.
Ending teacher pension pickups is a simple, responsible way for school districts to manage their finances.
Actuarial analysis offers options to transition to a defined-contribution retirement plan
Changing the repayment plan to one based on flawed assumptions and bad accounting does nothing to shield taxpayers from the risks of an imperfect system.
Ending pension pickups is a simple, responsible way for cash-strapped school districts to free up money for the classroom.