Taxpayer contributions accounted for 56% of the money that flowed into Illinois’ pension funds in 2000. Two decades later, residents funded 84% of public employees’ retirements, yet pension debt is still growing.
Polling showed 61% of Illinois voters would approve an amendment to the state constitution changing future pension benefits while guaranteeing those already earned by public employees. Taxes remain Illinoisans’ top concern.
Gov. J.B Pritzker touted his record on pensions, claiming his administration reduced pension debt. He cites an analysis of state pension data but fails to mention its conclusion suggesting reform.
The Illinois Freedom of Information Act requires open access to government union contracts. But Amendment 1 would allow union leaders to override state law to make those contracts secret.
Illinois’ 90% funding target already violates best practices, but some have proposed going even lower. That’s a bad idea based on a myth, according to the American Academy of Actuaries.
Illinois’ worst-in-the-nation pension debt shrank slightly after investments more than tripled predictions, thanks partly to COVID-19 stimulus. Experts caution 1 year cannot undo decades of overpromising and underfunding.
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.