Quinn to receive millions in pension payments
Quinn to receive millions in pension payments
Former Gov. Pat Quinn contributed less than $200,000 to his retirement, but is set to draw more than $2 million in pension benefits over his lifetime.
Illinois pension plans 39% funded, taxpayers on the hook for $105 billion in liabilities: It will get worse
Illinois pension plans 39% funded, taxpayers on the hook for $105 billion in liabilities: It will get worse
Numerous U.S. pension plans are in deep, deep trouble, and Illinois is at the top of the list. Plan assumptions cannot and will not be met.
Illinois millennials’ dual debt crises: Who’s to blame?
Illinois millennials’ dual debt crises: Who’s to blame?
Baby boomers have saddled young Illinoisans with a grossly unfair burden.
Moody’s hits Chicago with credit downgrade, cites pensions
Moody’s hits Chicago with credit downgrade, cites pensions
Chicago’s credit rating trails only Detroit among major U.S. cities.
Federal court declines to rule on whether pension clause protects Chicago health benefits
Federal court declines to rule on whether pension clause protects Chicago health benefits
Now Illinois state courts will decide whether it is constitutional to the city to reduce retiree health benefits.
Lessons from Illinois: Pension obligation bonds only delay the day of reckoning
Lessons from Illinois: Pension obligation bonds only delay the day of reckoning
Illinois resorted to POBs because pension costs were quickly increasing. But instead of reforming the system, political leaders chose to paper over the problem with debt.
Detailing Rauner’s pension plan
Detailing Rauner’s pension plan
Rauner’s initial pension proposal helps him achieve his goal of a balanced budget without tax increases. But it will take a comprehensive, 401(k)-style reform plan to solve the pension crisis once and for all.
Pension costs to consume 25 cents of every state-budget dollar in Illinois
Pension costs to consume 25 cents of every state-budget dollar in Illinois
The state’s 2016 pension cost is projected to increase to nearly $8 billion – or 25 cents of every dollar the state spends during the next budget year.
State of the state: 10 pension facts every Illinoisan should know
State of the state: 10 pension facts every Illinoisan should know
How bad the pension crisis really is, and why getting politicians out of the retirement business is the only way to solve it.
IL government workers trapped in failing pension funds; other states give workers options
IL government workers trapped in failing pension funds; other states give workers options
Utah passed a 401(k)-style reform plan in 2011. The state’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan – but the reform dropped that chance to 10 percent.
Illinois Supreme Court rejects briefs from pension-reform supporters
Illinois Supreme Court rejects briefs from pension-reform supporters
Given the importance of pension reform in Illinois, many groups wanted to weigh in.
Pensions are contracts; nothing more, nothing less
Pensions are contracts; nothing more, nothing less
Illinois Policy Institute files amicus brief in SB 1 case
Brief details crushing weight of pension costs for Illinois municipalities
Brief details crushing weight of pension costs for Illinois municipalities
More than 20 police and 10 fire pension funds were less than 30 percent funded in 2012.
Corporate pensions remain volatile as funding levels drop
Corporate pensions remain volatile as funding levels drop
The unpredictable and expensive nature of defined-benefit pension plans is why companies like Barnes & Noble Inc. and Allegheny Technologies recently chose to abandon traditional pension plans in favor of 401(k)-style plans.