If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.
Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.
Despite claims from some state lawmakers that the fiscal year 2019 budget is balanced, official reports to bond buyers admit a deficit of more than $1 billion.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.
Active Des Plaines Park District pensioners – including two pension millionaires – have put taxpayers on the hook for more than $7.6 million in pension payouts since 1996.
Less than 50 cents of every additional property tax dollar over the last 20 years went to pay for services that raise home values. Instead, the primary driver of the rise in property taxes was pension costs.
A new sales tax proposed by Will County school districts would put some residents’ sales tax burden in a league with Chicago, which is home to the highest combined sales tax rate of any major city in the U.S.