Illinois taxpayers are fed up and overtaxed. Residents have little faith that their governments are spending their tax dollars well – and for good reason. The state’s most recent spending plan is out of balance by as much as $1.5 billion, and includes $54.2 million in wasteful spending and $27 million in pork-barrel spending. The...View Report
The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.
One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.
More than a dozen city and park district retirees in Highland Park have received more than $1 million in pension benefits each.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.
Lake County residents pay some of the highest property taxes in the nation – a burden driven by the growth in pension costs over the last 20 years.
As local leaders reach an agreement with the city’s public safety unions, the retirement security of Carbondale’s police and fire workers slides further out of reach.
The defined-benefit pension system threatens the retirement security of government workers, as well as the pocketbooks of overburdened taxpayers.
Recently released data shows retirees outpacing active employees, adding pressure to an already stressed pension fund.
More than 2,200 Cook County workers receive salaries over $100,000. For career county workers, that means pensions worth millions of dollars over the course of their retirements.
Despite the smaller relative size of its burden, Kentucky is considering making far more comprehensive changes to its public sector retirement systems than Illinois ever has.