Illinois’ pension crisis has been a growing problem for decades, and its negative effects on state residents are well documented.1 Economic fallout from the COVID-19 pandemic and related government shutdown orders threaten to bring that long-running crisis closer to its breaking point. The state’s five pension systems collectively held nearly $139 billion of debt at...View Report
Illinois job creation lagged the national median in nearly every sector.
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.
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...
Illinois government workers are able to retire before the age of 60 while collecting most of their final average salary.