A record share of Illinois university employees opt out of pensions for a 401(k)-style plan, lawmakers should give other state employees the same flexibility.
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.
Illinois ranked No. 1 for spending per student on higher education in 2024, paying more than double the national average. Declining enrollment, poorly structured finances, growing pension payments and bloated administration have driven up costs.
The five pension systems run by the state of Illinois only have 46 cents on hand for every $1 of benefits they owe. Filling that $144 billion hole would require more money than the price of every NBA team combined.
Illinois has the nation’s worst public pension crisis. Nationwide analysis from the Equable Institute shows Illinois state pensions remain fiscally unstable and threaten retirees and taxpayers, underscoring the need for reform.
The average retired career state employee in Illinois was paid $93,558 in pension benefits last year. That’s $24,538 more than the average Illinoisan working to pay for those retirees.
As state lawmakers finalize the 2026 budget, public sector unions are pushing for major benefit spikes for Tier 2 pensioners to be included in last-minute additions.
Illinois students could soon benefit from scholarship money to help them find a tutor, attend ACT or SAT prep sessions, pay tuition, get special education services or assist with other academic needs. That will happen in Illinois only if Gov. J.B. Pritzker lets the state’s schoolchildren benefit from the Federal Scholarship Tax Credit program, established...