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.
Taxpayers need protection when municipalities go bust.
Talk of the next Detroit rings truer now than ever before.
More revenue can’t fix a fundamentally flawed system. Illinois lawmakers should know this; they tried that approach and failed.
More than 60,000 workers in the State Employees’ Retirement System participate in Social Security.
The main driver? A defined-benefit system.
What happens when financial gimmicks win out over real pension reform?