Illinois pension costs skyrocketed by 500%, crowding out government services
Illinois pension costs skyrocketed by 500%, crowding out government services
The rapidly increasing cost of pensions is crowding out core government services.
All Illinois taxpayers on the hook for CTU’s 244-sick-day pension sweetener
All Illinois taxpayers on the hook for CTU’s 244-sick-day pension sweetener
A provision included in the bargaining agreement reached between Chicago and its teachers union will allow teachers to trade up to 244 unused sick days for pension credits – billable to all Illinois taxpayers.
Report: Illinois pension debt soars to $137B, despite record taxpayer contributions
Report: Illinois pension debt soars to $137B, despite record taxpayer contributions
Illinois’ contributions to its pension funds exceeded $10 billion in 2019 for the first time in state history – and it wasn’t nearly enough to keep the state’s pension debt from growing.
Illinois Senate president backs bill merging police, fire pension funds
Illinois Senate president backs bill merging police, fire pension funds
Illinois Senate President John Cullerton is championing a bill to merge more than 640 local police and fire pension funds into two investment pools. With lawmakers returning to Springfield for veto session, action on the bill may be near.
Chicago teachers recover pension contributions 5 months into retirement
Chicago teachers recover pension contributions 5 months into retirement
After retiring at age 55, the average Chicago teacher just takes five months to get back everything they contributed toward their pension during their career.
Pension consolidation is a tiny step in fixing Illinois’ gigantic problem
Pension consolidation is a tiny step in fixing Illinois’ gigantic problem
If Illinois groups could come together to bring the same enthusiasm and support to a constitutional amendment, the state could fix its pension problem once and for all.
Lightfoot can’t fix Chicago’s finances without pension reform
Lightfoot can’t fix Chicago’s finances without pension reform
City pension contributions are set to spike by $1 billion over just four years. Taxpayers cannot afford the entire burden of fixing city finances.
Pension crisis forces firehouse closure, 9 firefighter layoffs in East St. Louis
Pension crisis forces firehouse closure, 9 firefighter layoffs in East St. Louis
East St. Louis is short $9.5 million between a budget deficit and back payments owed to its fire and police pensions. As a result, city leaders are closing a firehouse and laying off nine firefighters.
Plan for over 640 police, fire pensions barely touches Illinois’ $200B problem
Plan for over 640 police, fire pensions barely touches Illinois’ $200B problem
Consolidating downstate and suburban police and fire pension systems is a start, but both fixes and Illinois’ pension problems go much deeper.
East St. Louis police pension fund calls for state intercept of $1.8M, following fire pension demands
East St. Louis police pension fund calls for state intercept of $1.8M, following fire pension demands
East St. Louis already faces a $2.2 million state funding diversion for its firefighters pension fund. Now the police pension board is demanding $1.79 million the city owes that fund.
Illinois’ $241B pension debt still worst in nation despite record income tax hike
Illinois’ $241B pension debt still worst in nation despite record income tax hike
A new report shows Illinois’ unfunded pension debt liability remained highest in the nation despite the 2017 income tax hike.
Peoria residents face new property tax fee devoted entirely to pensions
Peoria residents face new property tax fee devoted entirely to pensions
The city of Peoria is adding a new fee to residents’ property tax bills to help shore up the city’s public safety pensions.
Local pension bailout would make Illinoisans’ income tax bills rise as fast as their property taxes
Local pension bailout would make Illinoisans’ income tax bills rise as fast as their property taxes
Bailouts reward bad behavior. Reform rewards residents. Lawmakers should bend toward the latter.
East St. Louis faces interception of state funds for $2.2M pension debt
East St. Louis faces interception of state funds for $2.2M pension debt
The southwestern Illinois city faces high crime and poverty rates, as well as a $5.5 million budget deficit. Now, $2.2 million owed to its firefighters pension threatens to halt the flow of state funds.