Pension costs for state government workers reached an all-time high in 2016, consuming 25 percent of the state’s general budget.1 Today, more than $8 billion of the state’s yearly $32 billion budget goes to pay for pension costs, sapping tremendous amounts of money from social services for the developmentally disabled, grants for low-income college students, and aid to home...View Report
More than 50 percent of the state’s $4.1 billion budget for public universities is spent on retirement costs alone.
Illinois households are now on the hook for $27,000, up 17 percent from 2015.
Illinois’ public colleges and universities used to be affordable, but schools have increased tuition from 74-112 percent over the last decade to help pay for administrative hiring sprees and skyrocketing pensions.
Here's what you need to know about Illinois' $111 billion state pension crisis.
The outsized benefits received by retired government workers under the State Universities Retirement System and the unfair burden this places on taxpayers demonstrate the urgent need to reform Illinois’ government-worker pensions.
More than 12,000 state retirees receive annual pensions of over $100,000 for lifetime payouts that average $3 million.
Even if Illinois pension funds see investment returns that exceed expectations, that still won’t be enough to plug the largest fund’s hole. The Teachers’ Retirement System reported its pension underfunding grew to $55.73 billion as of June 30, 2013 — an increase of more than $3.5 billion since the end of the previous fiscal year...
Illinois government workers are able to retire before the age of 60 while collecting most of their final average salary.
Illinois’ pension conference committee is once again rumored to be nearing a “fix” for the state’s pension mess. But if the pension conference committee is serious about saving the pensions of state retirees and workers who have dedicated their careers to public work, they will put an end to cost-of-living-adjustments, or COLAs, for government retirees...