Taxpayer contributions accounted for 56% of the money that flowed into Illinois’ pension funds in 2000. Two decades later, residents funded 84% of public employees’ retirements, yet pension debt is still growing.
What Illinoisans need to know about the progressive income tax
Gov. J.B. Pritzker calls his $3.7 billion income tax hike a “fair tax.” But opponents have criticized the constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers.
Illinois pensions 101: Paltry contributions yield million-dollar payouts
Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.
Oak Lawn credit rating hits junk status amid skyrocketing pension costs
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.
Illinois lawmakers pass pension sweeteners without knowing the cost
Illinois has nation’s worst pension debt. Maybe that’s because state lawmakers take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.
Illinois pension costs skyrocketed by 500%, crowding out government services
The rapidly increasing cost of pensions is crowding out core government services.
Illinois cellphone taxes are highest in nation, average $374 a year
Taxes alone hike the average Illinois cellphone bill by 31%.
All Illinois taxpayers on the hook for CTU’s 244-sick-day pension sweetener
A provision included in the bargaining agreement reached between Chicago and its teachers union will allow teachers to trade up to 244 unused sick days for pension credits – billable to all Illinois taxpayers.
Report: Illinois pension debt soars to $137B, despite record taxpayer contributions
Illinois’ contributions to its pension funds exceeded $10 billion in 2019 for the first time in state history – and it wasn’t nearly enough to keep the state’s pension debt from growing.
Illinois Senate president backs bill merging police, fire pension funds
Illinois Senate President John Cullerton is championing a bill to merge more than 640 local police and fire pension funds into two investment pools. With lawmakers returning to Springfield for veto session, action on the bill may be near.