Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point. The state’s five pension systems collectively held nearly $139 billion of debt at...View Report
As Illinois elected leaders continue to delay action on pension reform, a broad and bipartisan coalition has succeeded in pushing for reforms to public employee benefits in New Mexico.
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
Lawmakers can currently work one day to qualify for a whole month’s pay. A bill to change that has been stuck in committee since the spring.
More than 25% of state revenue already goes to pensions and retiree health care, but Illinois would need to double that to fully fund promised benefits at current levels.
For the second time, Arizona voters approved a constitutional amendment allowing changes to unearned future pension benefits.
Former lawmakers receive generous benefits from the state’s worst-run retirement fund.
House Bill 5760 would stop lawmakers’ scheduled cost-of-living adjustment. Illinois lawmakers are the fifth-highest paid state lawmakers in the nation.
The ruling will likely mean higher taxes for Chicagoans.
The plaintiffs in the SB 1 case are asking the court to do something extraordinary: to hold, in effect, that pension benefits should receive stronger protection than any other type of constitutional right.
There’s immense pressure on Illinois legislators to pass a pension bill. With the state pension system nearing insolvency and credit agencies warning of further downgrades, the perceived wisdom is that any pension fix, no matter how small, is a “step forward” that must be passed. But when it comes to pension reform in Illinois, that...