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.
By Benjamin VanMetre
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.
By Benjamin VanMetre
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.
By Benjamin VanMetre
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.
By Benjamin VanMetre
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.
By Benjamin VanMetre
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
By Benjamin VanMetre
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.
By Benjamin VanMetre
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.
By Benjamin VanMetre
More than 12,000 Illinois government retirees receive annual pensions over $100,000
More than 12,000 Illinois government retirees receive annual pensions over $100,000
More than 12,000 state retirees receive annual pensions of over $100,000 for lifetime payouts that average $3 million.
By Ted Dabrowski, John Klingner
Unions to bankrupt Chicago pension funds
Unions to bankrupt Chicago pension funds
A group of Chicago unions, including AFSCME Council 31 and the Chicago Teachers Union, have sued the city over a recent attempt to reform two of the city’s four pension funds.
By Benjamin VanMetre
Allegheny Technologies to modernize retirement benefits with 401(k)-style plan
Allegheny Technologies to modernize retirement benefits with 401(k)-style plan
Allegheny Technologies is making the switch to a 401(k)-style plan despite the fact that the company’s defined-benefit plan is currently 87 percent funded. Regardless of how well funded some defined-benefit plans can be, the plans are no longer affordable or sustainable.
By Benjamin VanMetre
Rauner named most important pension player in the nation
Rauner named most important pension player in the nation
There’s a reason Bruce Rauner topped Institutional Investor’s Pension 40 list – he has the potential to fix the nation’s worst pension crisis.
By Benjamin VanMetre