While J.B. Pritzker has not released a detailed tax plan of his own, reasonable cost estimates suggest the tax hike required to pay for the candidate’s spending promises would require doubling Illinois’ state income tax rate and cost the state an estimated 132,000 jobs and $31.3 billion in forgone GDP.View Report
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.
Nearly 38 percent of Illinois Teachers Retirement System assets are in so-called alternative investments.
In 2010, the unfunded debt related to pensions and retiree health care costs for local and state government workers across Illinois was $203 billion, the equivalent of more than $43,000 per household. In just six years, the total debt Illinois households are on the hook for has jumped to $56,000, or 31 percent. That’s a $13,000 increase for each household. Total unfunded debt for state and local governments in Illinois now totals $267 billion.
Illinois households are now on the hook for $27,000, up 17 percent from 2015.
Despite being sentenced to 15 months in prison for a financial crime intended to cover up his sexual abuse of high school students, former U.S. House Speaker Dennis Hastert will continue to receive $28,000 annual pension payments for his six years as an Illinois state representative.