The Illinois Supreme Court on Friday unanimously ruled the state’s pension law, SB 1, unconstitutional. Summary of the Illinois Supreme Court decision.
Illinois desperately needs a final ruling on SB 1; the clock is ticking.
Chicago Teachers Union executives say their members shouldn’t have to contribute more money to their retirements because of a contract negotiation nearly 35 years ago.
A new report claims Chicagoans would face property-tax hikes nearing 50 percent to adequately fund city pensions.
They might not make headlines, but Illinois is home to hundreds of government-worker pension systems in horrible shape.
How did Illinois’ pension plans become so underfunded? In general, by promising far more than can possibly be delivered.
Lake Zurich is struggling under the weight of growing pension costs.
Jon Burge draws thousands of dollars each month from a broken system.
As long as the state mandates pension rules and regulations for local governments, unfunded pension liabilities will continue to pressure local budgets.
Illinois lawmakers now have at least one model on which to base necessary reforms.
While the state waits for the Supreme Court’s SB 1 ruling, Gov. Bruce Rauner and other lawmakers are working up a pitch to amend the state constitution.
Pennsylvania’s reform efforts mirror the national trend of modernizing public and private retirement systems with 401(k)-style defined-contribution plans.
Missing from the discussion on Lincolnwood’s pension crisis is talk of the unfunded liability for the village’s firefighter pension fund. That’s because this fund has no unfunded liability – Lincolnwood privatized their fire protection services 25 years ago.
None of these proposals would even begin to address the Chicago’s pension crisis. The city needs reform, not revenue.