Pension reform plan for Illinois: Right under its nose

By Ted Dabrowski, John Klingner
03/24/2017
Illinois crafted the solution to its pension crisis nearly 20 years ago. The problem is many lawmakers don’t even know that solution exists. Since 1998, more than 20,000 state university workers have opted into a 401(k)-style plan instead of the traditional pension plan. Illinois’ lawmakers can begin to solve the pension crisis by simply expanding the State Universities Retirement System’s 401(k)-style plan to all state workers.

TAGS: 401(k), pensions, self-managed plan, self-managed plans, SURS: State Universities Retirement System

Each Illinois household on the hook for $56K in government-worker retirement debt

By Ted Dabrowski, John Klingner
03/23/2017
In 2010, the unfunded debt related to pensions and retiree health care costs for local and state government workers across Illinois was $203 billion, the equivalent of more than $43,000 per household. In just six years, the total debt Illinois households are on the hook for has jumped to $56,000, or 31 percent. That’s a $13,000 increase for each household. Total unfunded debt for state and local governments in Illinois now totals $267 billion.

TAGS: GARS: General Assembly Retirement System, JRS: Judges’ Retirement System, pensions, SERS: State Employee Retirement System, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Illinois’ pension crisis keeps getting worse

By Ted Dabrowski
10/29/2013
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...

TAGS: 401(k), COGFA, Dick Ingram, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System