Despite regional struggles and a shrinking population, taxpayers in southern Illinois have been saddled with rapidly growing pension costs.
The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.
A real estate investment deal arranged by a firm that employed former Mayor Richard M. Daley’s nephew has dealt a blow to Chicago’s cash-strapped pension funds, underscoring the need for a 401(k)-style alternative.
One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.
According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.
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.
The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.
Pension reform is a moral imperative. The alternative is a future in which core services are cut, taxes are raised, and pensioners risk losing what they’ve already been promised as the funds go insolvent.
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.
While often regarded as a duplicative and unnecessary unit of government, former township employees in Illinois have banked more than $273 million in pension benefits since 1998.
Voted out of office in 2017 amid allegations of patronage and waste, Algonquin Township’s former highway commissioner has since found work at neighboring townships – while collecting a handsome pension from his former employer.
More than a dozen city and park district retirees in Highland Park have received more than $1 million in pension benefits each.
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.
Among the 23 former city of Springfield employees who retired at age 50, five have accumulated more than $1 million in pension benefits.