Although the Illinois Supreme Court has ruled that altering pension benefits of current government workers violates the Illinois Constitution, there are still actions – from politicians voluntarily reforming their own pension system, to allowing municipal bankruptcy – that Illinois can take to set government-worker pensions on a more fiscally sound path.

TAGS: 401(k), pensions

Fatal conceit: The truth about Illinois’ government-run pension systems

By Darlene Senger

07/31/2015

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.

TAGS: 401(k)

Take note, Illinois: Transition costs not an issue in Pennsylvania’s pension reform

By Benjamin VanMetre

03/30/2015

Pennsylvania’s reform efforts mirror the national trend of modernizing public and private retirement systems with 401(k)-style defined-contribution plans.

TAGS: 401(k), GASB: Governmental Accounting Standards Board, self-managed plans

IL government workers trapped in failing pension funds; other states give workers options

By Benjamin VanMetre

01/29/2015

Utah passed a 401(k)-style reform plan in 2011. The state’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan – but the reform dropped that chance to 10 percent.

TAGS: 401(k), state worker pay

Allegheny Technologies to modernize retirement benefits with 401(k)-style plan

By Benjamin VanMetre

12/18/2014

Allegheny Technologies is making the switch to a 401(k)-style plan despite the fact that the company’s defined-benefit plan is currently 87 percent funded. Regardless of how well funded some defined-benefit plans can be, the plans are no longer affordable or sustainable.

TAGS: 401(k), pensions

Rauner named most important pension player in the nation

By Benjamin VanMetre

12/16/2014

There’s a reason Bruce Rauner topped Institutional Investor’s Pension 40 list – he has the potential to fix the nation’s worst pension crisis.

TAGS: 401(k), Bruce Rauner, pensions, Senate Bill 1

401(k)

Pennsylvania introduces 401(k)-style plans for government workers

Illinois government workers who switch careers can lose big chunk of retirement savings

Pension reform plan for Illinois: Right under its nose

Kentucky governor-elect: 401(k)-style plans for new government employees

7 pension reforms that Illinois can still enact despite the SB1 ruling

Fatal conceit: The truth about Illinois’ government-run pension systems

Take note, Illinois: Transition costs not an issue in Pennsylvania’s pension reform

IL government workers trapped in failing pension funds; other states give workers options

Allegheny Technologies to modernize retirement benefits with 401(k)-style plan

Rauner named most important pension player in the nation

FAQ: How the federal scholarship program would help Illinois students

Report Archive

Diana Graham

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students