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
According to recent data, Illinois spends nearly double the national average on pensions, measured as a percentage of all state and local government spending.
Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
The average six-figure retiree contributed just over $160,000 toward their own pension over the course of their career.
Former lawmakers receive generous benefits from the state’s worst-run retirement fund.
Pension reform is a moral imperative. The alternative is a future in which core services are cut, taxes are raised, and pensioners risk losing what they’ve already been promised as the funds go insolvent.
Tim Mapes is also in line for a six-figure pension.
House Bill 5760 would stop lawmakers’ scheduled cost-of-living adjustment. Illinois lawmakers are the fifth-highest paid state lawmakers in the nation.
A post-mortem on Illinois’ 2017 regular legislative session shows missed opportunities for taxpayer savings.
After just one year of retirement, Madigan’s annual pension will shoot up to more than $130,000.
Former U.S. House of Representatives Speaker Dennis Hastert had been receiving nearly $30,000 annually from the underfunded General Assembly Retirement System.