Without careful evaluation of whether Illinois’ pensions for newer employees are running afoul of federal rules or what the penalties would be, spending $78 million from the state’s budget is premature and wasteful.
Newer state employees would get a $13 billion pension benefit boost if Gov. J.B. Pritzker’s fiscal year 2026 budget proposal passes. What should be a minor fix is being used to create an even bigger Illinois pension mess.
Pension experts projected state lawmakers’ plans to drastically expand benefits for newer employees would add $60 billion to the state’s pension liability. Illinois is already $143.7 billion in the pension hole.
After years of splurging with revenue boosted by temporary federal aid, future deficits over $5 billion await the Illinois state budget. It’s time Illinois state leaders learn from past mistakes and manage other people’s money responsibly.
With nearly $214 billion in state and local pension debt threatening both retirees and government finances, Illinois needs a new path forward. Here are five principles to guide the state, protect taxpayers and safeguard public servants.
Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.
Illinois is at risk of getting in costly trouble with the federal government over its Tier 2 public employee retirement benefits. Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse.
Illinois state lawmakers’ spending plans came in $410 million higher than what Gov. J.B. Pritzker originally proposed. Taxpayers will be forced to pay $1.1 billion more so Illinois can spend record amounts in fiscal year 2025.
Several bills that enhance Tier 2 state worker pension benefits, reduce retirement ages, allow for large end-of-career lump-sum payments and other pension sweeteners are moving through the Illinois General Assembly. They appear to be heading for a vote.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...