Not only would a progressive income tax hike end up taking more money directly from all taxpayers’ pockets, but it would also have negative economic effects on jobs growth, after-tax income adjusted for cost of living, and overall economic output.View Report
Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
Illinois House members voted to override Gov. Rauner’s veto of a bill that would allow a former firefighter serving as a Chicago aldermen to credit his political salary toward a more lucrative fire pension. While just one alderman now qualifies, the bill could extend the perk to more in the future.
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.