The Illinois Supreme Court voted to uphold a law consolidating 649 municipal police and firefighter pension funds. It may help the state’s pension woes, but amending the Illinois Constitution is needed for real solutions.
Gov. J.B. Pritzker signed a bill to consolidate local police and firefighter pensions from across downstate Illinois, but beneficiaries are suing because the state is notorious for poor pension management.
Emergency services have been cut in Peoria because public pension costs are growing. Voters will be asked whether a property tax hike should fix the problem.
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...
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.
East St. Louis is short $9.5 million between a budget deficit and back payments owed to its fire and police pensions. As a result, city leaders are closing a firehouse and laying off nine firefighters.
East St. Louis already faces a $2.2 million state funding diversion for its firefighters pension fund. Now the police pension board is demanding $1.79 million the city owes that fund.
The southwestern Illinois city faces high crime and poverty rates, as well as a $5.5 million budget deficit. Now, $2.2 million owed to its firefighters pension threatens to halt the flow of state funds.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.