Gov. J.B. Pritzker inherited a $2.8 billion budget deficit the moment he stepped into office. Next year, that deficit is projected to be $3.4 billion1. It’s the same story every budget season. But Illinois’ budget crises could be a thing of the past if the state would adopt pension reform, right-size its union contracts and...View Report
A pension plan pushed by one Illinois think tank fails to reform the state’s broken pension system and risks repeating costly mistakes. Gov.-elect J.B. Pritzker shouldn’t be fooled and should instead endorse meaningful, lasting reform.
Former lawmakers receive generous benefits from the state’s worst-run retirement fund.
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.
Under former Gov. Jim Edgar’s pension ramp, unfunded pension liabilities have increased nearly $100 billion despite taxpayers contributing $16.4 billion more to the five state-run pension systems than required under the Edgar plan.
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...