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.
Rahm’s police and fire pension “fix” becomes law
Rahm’s police and fire pension “fix” becomes law
On May 30, the General Assembly voted to override Gov. Bruce Rauner’s veto of Chicago Mayor Rahm Emanuel’s plan to delay payments to Chicago’s police and fire pension funds – at a cost to Chicago taxpayers of an additional $18.6 billion over the next 40 years.
Pension debt for Chicago city-worker pensions doubles to more than $21 billion
Pension debt for Chicago city-worker pensions doubles to more than $21 billion
Thanks to new government reporting standards, Chicago’s municipal-workers and laborers pension funds’ debt doubled in 2015 to more than $21 billion. That’s $20,500 of pension debt per Chicago household.
More than 60,000 Illinois state workers participate in Social Security
More than 60,000 Illinois state workers participate in Social Security
Recently retired career state workers receive an average annual pension of $63,000. On top of this, more than 60,000 workers in Illinois’ State Employees’ Retirement System participate in Social Security.
5 facts show IMRF is just as unsustainable as every other Illinois pension fund
5 facts show IMRF is just as unsustainable as every other Illinois pension fund
The Illinois Municipal Retirement Fund’s relative health compared with other government-worker pension funds is only due to its ability to force localities to fund it at the expense of other pension funds and vital local services.
Hastert will continue receiving $28K pension from Illinois lawmakers’ pension fund
Hastert will continue receiving $28K pension from Illinois lawmakers’ pension fund
Despite being sentenced to 15 months in prison for a financial crime intended to cover up his sexual abuse of high school students, former U.S. House Speaker Dennis Hastert will continue to receive $28,000 annual pension payments for his six years as an Illinois state representative.
Short-term state funding won’t fix Illinois’ systemic higher-education crisis
Short-term state funding won’t fix Illinois’ systemic higher-education crisis
Illinois’ public colleges and universities used to be affordable, but schools have increased tuition from 74-112 percent over the last decade to help pay for administrative hiring sprees and skyrocketing pensions.
What’s driving Illinois’ $111 billion pension crisis
What’s driving Illinois’ $111 billion pension crisis
Retirement ages, COLAs and out-of-sync pension payouts
Illinois Supreme Court ruling could give state workers more retirement options
Illinois Supreme Court ruling could give state workers more retirement options
Concept of “consideration” allows state workers to negotiate for new benefits and could pave a path toward pension reform.
Fitch downgrades Chicago, cites Illinois Supreme Court ruling on pension reform
Fitch downgrades Chicago, cites Illinois Supreme Court ruling on pension reform
The city’s rating from Fitch is now just one notch above junk status.
Moody’s: Chicago pension-reform ruling means increased financial pressure, rapidly growing pension debt
Moody’s: Chicago pension-reform ruling means increased financial pressure, rapidly growing pension debt
The Illinois Supreme Court’s overturning of Chicago’s modest pension reform means Chicago faces higher pension contributions, rapidly growing pension debt and an increased risk of total insolvency for its pension funds.