Pension costs for state government workers reached an all-time high in 2016, consuming 25 percent of the state’s general budget.1 Today, more than $8 billion of the state’s yearly $32 billion budget goes to pay for pension costs, sapping tremendous amounts of money from social services for the developmentally disabled, grants for low-income college students, and aid to home...View Report
Former Gov. Jim Edgar’s pension compromise with House Speaker Mike Madigan in the 1990s set the state’s pension funds down an unsustainable road.
The former governor’s landmark pension bill paved the way for two decades of go-along-to-get-along pension politics, turning Illinois' pension debt into the nation's largest retirement crisis.
What happens when financial gimmicks win out over real pension reform?