Illinois lawmakers pass pension sweeteners without knowing the cost

By Adam Schuster

11/20/2019

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.

TAGS: benefits, Civic Federation, fire pensions, firefighter pensions, IRS: Internal Revenue Service, Jason Barickman, municipal pensions, pension crisis, pension debt, pension reform, pensions, police pensions, public safety, public safety pensions, safe harbor, Social Security, task force, tier 1, tier 2

Illinois pension costs skyrocketed by 500%, crowding out government services

By Adam Schuster

11/19/2019

The rapidly increasing cost of pensions is crowding out core government services.

TAGS: municipal pensions, pension debt, pension guarantee, pensions

Illinois cellphone taxes are highest in nation, average $374 a year

By Brad Weisenstein

11/18/2019

Taxes alone hike the average Illinois cellphone bill by 31%.

TAGS: 911 fee, 911 tax, amendment, cell phone tax, Center for Disease Control and Prevention, Chicago, Connecticut, constitutional amendment, emergency fee, excise tax, exit tax, Illinois, Illinois Constitution, JB Pritzker, Lori Lightfoot, middle class, municipal pensions, pension debt, pension reform, pensions, progressive income tax, Rahm Emanuel, sales tax, tax foundation, taxes, telecom, wireless tax

Income tax hike dropped Illinois’ economic freedom rank, ‘fair tax’ would drop it more

By Orphe Divounguy, Bryce Hill

11/15/2019

The largest permanent income tax hike in Illinois history was followed by a slide to 34th least-free state in the union, behind nearly every neighboring state.

TAGS: economic freedom, fair tax, graduated income tax, income tax, pension guarantee, pension spiking, pensions, progressive income tax, taxes

Senate President John Cullerton announces retirement amid sweeping Illinois corruption probe

By Austin Berg

11/14/2019

Cullerton and House Speaker Mike Madigan have held office in the Illinois General Assembly for nearly 90 years combined.

TAGS: corruption, FBI, federal, GARS: General Assembly Retirement System, Illinois General Assembly, Illinois House of Representatives, Illinois Senate, investigation, John Cullerton, leader, majority, pension spiking, pensions, senate president, Springfield

All Illinois taxpayers on the hook for CTU’s 244-sick-day pension sweetener

By Vincent Caruso

11/14/2019

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.

TAGS: CPS: Chicago Public Schools, CTU: Chicago Teachers Union, municipal pensions, pension guarantee, pensions, sick days, teacher salaries

Report: Illinois pension debt soars to $137B, despite record taxpayer contributions

By Vincent Caruso

11/14/2019

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.

TAGS: municipal pensions, pension guarantee, pensions

Illinois Senate president backs bill merging police, fire pension funds

By Brad Weisenstein

11/08/2019

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.

TAGS: consolidation, John Cullerton, municipal pensions, pension guarantee, pensions

Chicago teachers no longer can save 40 sick days for retirement: now it’s 244

By Vincent Caruso

11/04/2019

Pension benefits consume 25% of Chicago Public Schools’ budget. The new Chicago Teachers Union contract increases bankable sick days six-fold, increasing pension costs and taking more from classrooms.

TAGS: CPS: Chicago Public Schools, CTU: Chicago Teachers Union, municipal pensions, pension guarantee, pensions, sick days

Chicago teachers recover pension contributions 5 months into retirement

By Adam Schuster

10/29/2019

After retiring at age 55, the average Chicago teacher just takes five months to get back everything they contributed toward their pension during their career.

TAGS: Chicago, CPS: Chicago Public Schools, CTU: Chicago Teachers Union, municipal pensions, pension guarantee, pensions

Power in payments: Illinois can help unbanked residents, save money by adopting best practices in payment methods

Each year, tens of billions of dollars flow through Illinois state government.1 These flows all depend on methods of payment. In deciding on those payment methods, policymakers must consider a number of important factors, including security controls, cost effectiveness, accessibility, speed and allowance for choice. This report shows that by adopting best practices across all...

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Power in payments: Illinois can help unbanked residents, save money by adopting best practices in payment methods

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Ifeoma Nkemdi

Policy lessons from Illinois’ exodus of people and money

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