Report: Illinois, Chicago public pension crises worst in U.S.

By Bryce Hill, Justin Carlson

07/19/2023

Illinois state and local pension debt now tallies $218 billion with both debt to GDP and funding ratios the worst in the nation, according to a new Equable Institute report.

TAGS: pensions

Illinois universities operate on nearly one-third less than 15 years ago

By Patrick Andriesen

07/07/2023

Illinois’ institutions of higher education will get $1.12 billion less from lawmakers to run next year than they did in 2009, adjusted for inflation. Pension costs have more than tripled in that time.

TAGS: college tuition, pensions

Pensions put Illinois’ 2024 budget in red by over $4B

By Bryce Hill

05/27/2023

Illinois state lawmakers shorted pensions by $4.1 billion and killed scholarships for low-income students, but gave themselves pay raises and a new office building. Their budget leaves no room for error as revenue projections drop.

TAGS: AFSCME: American Federation of State County and Municipal Employees, budget, pensions

How Chicago’s pension crisis drives high taxes, fiscal turmoil

By Bryce Hill, Justin Carlson

02/10/2023

Before deciding who best can lead Chicago through its financial problems, it helps to understand what those problems are. Here’s a primer.

TAGS: budget, Chicago, pensions

State retirees get nearly 40% more than what working Illinoisans earn

By Patrick Andriesen

02/01/2023

The typical career state worker collected $82,478 in annual pension benefits, recouping more income in 17 months of retirement than they contributed over 35 years. Working Illinoisans only earned $59,650 a year.

TAGS: Illinois, pensions

Lightfoot 2nd Chicago mayor to call on Springfield for pension reform

By Patrick Andriesen

01/31/2023

Just like Chicago Mayor Rahm Emanuel did late in his term, Mayor Lori Lightfoot is calling for public pension reforms. Pensions are damaging cities, she said.

TAGS: Chicago, pensions

Illinois families spend 3rd-highest in nation on government pensions

By Patrick Andriesen

01/09/2023

The typical career state pensioner earns more in retirement than Illinoisans do working. Households now pay over three times more than they did nearly two decades ago to cover the costs.

TAGS: government unions, Illinois, pensions

Illinois public pension debt grows to $140B

By Bryce Hill

12/14/2022

Illinois’ five statewide pensions system saw their debt increase by nearly $10 billion to a grand total of $140 billion in fiscal year 2022. Pensions will cost the state nearly $11 billion next year, but that’s still $4.4 billion too little.

TAGS: Illinois, pensions

Biden promises nearly $36 billion for national pension bailouts

By Patrick Andriesen

12/12/2022

The Biden administration promised nearly $36 billion to stabilize pension plans for Teamsters nationwide after forecasts predicted the system’s default by 2026. Union members would have seen their retirement benefits slashed by 60% if the system defaulted.

TAGS: Joe Biden, pensions

Chicago transit employee tried to steal $357K from pension fund

By Patrick Andriesen

12/08/2022

A former CTA clerk was indicted on five counts of wire fraud for allegedly creating and approving 43 fraudulent benefit requests.

TAGS: CTA: Chicago Transit Authority, pensions