State of Illinois’ pension debt jumps to $130 billion
State of Illinois’ pension debt jumps to $130 billion
Illinois households are now on the hook for $27,000, up 17 percent from 2015.
Springfield pensions hurt city credit rating, residents
Springfield pensions hurt city credit rating, residents
The ratings agency cited the city’s “considerable growth” in pension debt in its Oct. 28 downgrade to A3 from A1.
Damage from Edgar ramp obscured by dotcom boom
Damage from Edgar ramp obscured by dotcom boom
Former Gov. Jim Edgar’s pension compromise with House Speaker Mike Madigan in the 1990s set the state’s pension funds down an unsustainable road.
S&P downgrades Illinois credit rating closer to junk
S&P downgrades Illinois credit rating closer to junk
The ratings agency also warns that another downgrade could be coming if the state doesn’t enact serious reforms to improve its fiscal condition.
Moody’s issues another CPS credit downgrade
Moody’s issues another CPS credit downgrade
Another credit downgrade shows borrowing, taxes and bailouts can’t fix CPS’ financial crisis, but real structural reforms are needed.
California court rules that pensions can be reformed going forward
California court rules that pensions can be reformed going forward
Unlike the Illinois Supreme Court’s protection of the status quo, a California appeals court is allowing a pension reform law to move forward and potentially reduce that state’s pension burden.
Number of six-figure Chicago pensioners has tripled in last 4 years
Number of six-figure Chicago pensioners has tripled in last 4 years
More government workers are taking home massive yearly pension payments as Chicagoans are battered by tax hikes.
Taxpayers forced to pay $421 million more for teacher pensions
Taxpayers forced to pay $421 million more for teacher pensions
The Illinois Teachers’ Retirement System’s actuarial changes will drive up taxpayer contributions by $421 million in 2017. These latest changes prove Illinois’ pension math doesn’t work.
Illinois taxpayers on the hook for pension failures
Illinois taxpayers on the hook for pension failures
More realistic investment return assumptions by the Teachers’ Retirement System mean Illinois taxpayer contributions to the fund could rise by hundreds of millions of dollars. Ending teacher pension pickups would alleviate the burden on Illinois taxpayers.
Illinois Teachers’ Retirement System looks to lower its expected investment rate of return
Illinois Teachers’ Retirement System looks to lower its expected investment rate of return
The Illinois Teachers’ Retirement System’s adoption of more realistic investment return assumptions would cause the system’s unfunded liabilities to grow by about $6 billion above their current $62 billion level.
Fulton mayor arrested for theft of city funds
Fulton mayor arrested for theft of city funds
Mayor Larry Russell was charged in Whiteside County on one count of stealing $764 from a city bank account.
Taxpayers will have to pay $320M more for state-worker pensions in 2018
Taxpayers will have to pay $320M more for state-worker pensions in 2018
Due to changes in investment and demographic assumptions, the State Employees’ Retirement System’s debt is even worse than previously realized; this will require an extra $320 million each year from Illinois taxpayers by 2018.
Former Gov. Edgar’s ‘compromise’ pension plan led to Illinois’ fiscal crisis
Former Gov. Edgar’s ‘compromise’ pension plan led to Illinois’ fiscal crisis
Under former Gov. Jim Edgar’s pension ramp, unfunded pension liabilities have increased nearly $100 billion despite taxpayers contributing $16.4 billion more to the five state-run pension systems than required under the Edgar plan.
Weak investment returns for Chicago pensions highlight the need to end broken pension systems
Weak investment returns for Chicago pensions highlight the need to end broken pension systems
Chicago’s four city-run pension funds’ poor returns on investment in 2015 are a good reminder why defined-benefit pensions are a failure for both taxpayers and government workers.