Given they depend on the nation’s worst-funded pension systems for their retirement security, Illinois’ government workers may want to take a look at how a group of Arizona firefighters are responding to pension-fund problems of their own. Arizona’s firefighters fear that out-of-control pension costs could bankrupt cities in Arizona, resulting in cuts to pensions like...

The problem Skyrocketing retirement costs for Illinois’ state and local government workers are wreaking havoc on governments’ ability to provide core services such as public safety, education and infrastructure. States and cities across the nation continue to struggle with massive pension and health-care costs, which force residents to pay higher taxes and fees to receive...

In a step toward meaningful pension reform, Oklahoma Gov. Mary Fallin signed legislation that ends the state’s traditional pension retirement system for newly hired state employees in favor of a 401(k)-style retirement plan. Teachers and state workers designated “hazardous duty” including firefighters and law enforcement officers are exempt. And the legislation does not change the...

Illinois’ pensions are among the worst-funded in the nation. The state has just 40 cents for every $1 that has been promised in benefits, and many government workers are concerned that they do not have choice and control over their own retirement. Illinois should not be forced to leave their retirement to the whims of...

The Illinois General Assembly sent a pension bill to Gov. Pat Quinn. It is important to be clear about what this bill is and is not. Let’s start with what this bill is not. This bill is not the sweeping reform that Illinois has been waiting – fighting – for over the past few years....

REPORTS Pension Solutions: reforming retirement age More than 50% of Illinois government pensioners retired at age 59 or younger. Read more… Pension Solutions: cost-of-living adjustments are supersizing state pensions More than 8,000 Illinois government retirees receive more than $100,000 in annual pension benefits. Read more… Illinois’ pension system lacks transparency Actuarial data need to be...

Chicago’s fiscal crisis just got worse. Last month, the city received a rare triple-notch downgrade from Moody’s Investors Service, to A3 from Aa3.  Now, Chicago’s parent government, Cook County, has received a downgrade of its own. Moody’s Investors Service downgraded Cook County’s general obligation bond rating to A1 from Aa3 due to the county’s “growing...

Illinois has the nation’s worst-funded pensions. Each Illinois household can expect to pay more than $40,000 in additional taxes to cover the pension shortfall if no reforms are passed. The size of the pension crisis demands that state lawmakers pass the boldest reforms in the country. Fortunately, Illinois lawmakers can look to the examples other states have...