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.
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.
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.
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.
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.
IL Supreme Court expedites pension battle
IL Supreme Court expedites pension battle
The expedited hearing is good news. It means the state will know specifically what it can do to address its $111 billion unfunded pension debt sooner rather than later.
With costs on the decline, 401(k)s increasingly attractive
With costs on the decline, 401(k)s increasingly attractive
The list of reasons for denying government workers the benefits of 401(k)-style plans in favor of politician-controlled pensions is short at best, and it’s growing shorter every day.
Barnes & Noble continues efforts to close defined-benefit pension plan
Barnes & Noble continues efforts to close defined-benefit pension plan
In 1985, only one in 10 Fortune 100 companies offered 401(k)-style plans to new employees. Today, that number has increased to seven in 10.
The cost of Illinois’ broken pension systems: per-employee retirement contributions 4 times the private sector
The cost of Illinois’ broken pension systems: per-employee retirement contributions 4 times the private sector
Illinois state government contributes the equivalent of 35 to 127 percent of government-worker salaries to keep its pension systems above water.
Monmouth slated to hike property taxes to fund pensions
Monmouth slated to hike property taxes to fund pensions
Cities across Illinois have been forced to slash services and hike taxes to make room in the budget for pension costs.
The wrong idea at the wrong time: 6 things you need to know about SB 2758
The wrong idea at the wrong time: 6 things you need to know about SB 2758
Senate Bill 2758 establishes a brand new governmental entity with a brand new governmental function: to establish and administer a “mostly mandatory” IRA retirement savings program for private-sector workers.
Chicago, the state and the pension-law debate
Chicago, the state and the pension-law debate
Few options remain as Illinois governments confront budget-busting pension obligations.