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

Illinois pension costs impair spending on roads, public services

By Patrick Andriesen

11/23/2022

Illinois taxpayers spent $3.3 billion more on public pensions between 2017 and 2022 than state forecasts said they would. Had that money not evaporated, it could have paid to repave 150,000 miles of roads or for nearly 25,000 full-ride scholarships.

TAGS: government spending, pensions

132K government workers making $100K-plus cost taxpayers $17B

By Dylan Sharkey

10/31/2022

Government workers with six-figure salaries are already common in Illinois. Amendment 1 promises to boost membership in the $100K Club.

TAGS: Amendment 1, pensions

Chicago taxpayer contributions to pensions could spike due to recession

By Patrick Andriesen

10/05/2022

A new financial report predicts residents in the nation’s largest cities will pay more for pensions next year as inflation and recessionary fears “erase” 2021 gains. Chicago topped the big cities for pension debt.

TAGS: Chicago, pensions

Illinois’ public pension mess shows threat of unchecked government union power

By Joe Tabor

09/14/2022

For 52 years the Illinois Constitution’s pension protection clause has locked the state into retirement promises it cannot afford. Amendment 1 could do the same for government union demands, handing taxpayers the bill.

TAGS: government unions, pensions

TRS among worst performing public pension funds

By Dylan Sharkey

08/26/2022

Pension expert Richard Ennis analyzed public pension performance of 24 funds, finding the Teachers’ Retirement System of Illinois among the worst after underperforming for 10 years.

TAGS: Amendment 1, pensions, TRS: Teachers’ Retirement System

Chicago pension funds still among nation’s worst funded

08/16/2022

Over-promised benefits continue to sink Chicago’s finances as the recent bear market eats into 2021 stock market gains. Investments gaining 25% last year plus federal aid didn’t offer much help to city pension systems, which have more debt than 45 states.

TAGS: Chicago, pensions

Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

Illinois is home to one of the worst pension crises in the country.1 At 39% funded, according to the nonpartisan Pew Charitable Trusts, Illinois has the worst pension funding ratio of any state.2 By contrast, neighboring Wisconsin’s pension system is 103% funded.3 In fiscal year 2022, Illinois’ total general funds pension costs, including pension bond...

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Fixing Illinois pension crisis by amending nation’s most-restrictive pension law is legal, effective

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Cathy Stuehmeier

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students