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The Revenue Demands of Public Employee Pension Promises

An often-stated goal of public employee pension systems is to achieve fully funded pension systems in 30 years. In a newly released paper with Robert Novy-Marx, covered in a New York Times article, we calculate the increase in contributions that will need to be devoted to these funds on an annual basis to achieve this goal, starting with... Read more »
By Civic Committee,
June 24, 2011 at 11:51 am
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Pension vote hours away -- call your legislators now!

It all comes down to this. We just got word that the historic pension reform bill you’ve supported for so long could come to a vote in the next few hours. Call your legislators right now and tell them to vote “yes” on Senate Bill 512. Even if you’ve already contacted them, they need to... Read more »
By Civic Committee,
May 26, 2011 at 11:17 am
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A Message from CPS teacher, Nate: Save my classroom

My name is Nate, and I’m a teacher in a Chicago Public School. I love my job. No matter how long or hard I have to work, it’s always worth it to see my students learn and grow. But our massive pension debt — more than $100 billion and rising — is sucking money away... Read more »
By Civic Committee,
May 19, 2011 at 7:02 pm
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Worse than California

Think California is having economic problems? Moody’s just announced that we have the second-worst credit rating of any state in the country, just behind California. But it’s worse for us because we have a problem that they don’t have — a pension crisis that’s only getting more dangerous. We’re ranked dead last in the country... Read more »
By Civic Committee,
May 6, 2011 at 2:44 pm
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It's time to act

You know what’s at stake — now we need to get to work. We’re just weeks away from a potentially historic vote on pension reform legislation that could save our state from financial disaster. I am writing, from one Illinoisan to another, to ask for your help in sending a powerful message to our leaders... Read more »
By Civic Committee,
April 28, 2011 at 1:34 pm
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The Burden of Retiree Health Care Costs

Retirement-related programs for Illinois’ public employees have more than $140 BILLION in unfunded obligations and debt, which are growing every year.   The three retiree health care plans for state workers, downstate teachers and community college workers account for $44 BILLION of those unfunded obligations.    100% PREMIUM SUBSIDY   Government workers who participate in... Read more »
By Civic Committee,
April 18, 2011 at 3:56 pm
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Make Your Voice Heard!

Illinois is STILL Broke, but we have launched exciting new features on our website to help you get involved in bringing Illinois back to financial stability!   Our added features make it easy for you to:    CALL YOUR LAWMAKERS Elected officials have raised your taxes but failed to address the REAL problem – $140 Billion in unfunded... Read more »
By Civic Committee,
March 24, 2011 at 4:59 pm
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Speak Up Now Before It Is Too Late!

Springfield is poised to vote today or tomorrow on a proposal to raise state income taxes 75 percent.   But this tax increase would not reduce the $140 Billion in unfunded obligations for pension and retiree health care by a nickel. Legislators also plan to continue borrowing to pay for this largely unfunded program.  ... Read more »
By Civic Committee,
January 10, 2011 at 2:15 pm
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Tell legislators: No tax increase without pension reform!

Some scary things are happening in Springfield. The governor is considering borrowing $15 billion. Lawmakers are talking about borrowing $3.7 billion for pensions.  And everyone is talking about increasing the personal income tax from 3 to 5 percent. Responsible legislators in both parties should just say “no” to the tax-increase and bond proposals.  They should... Read more »
By Civic Committee,
January 4, 2011 at 2:27 pm
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Chicago's destructive funding of pensions

Chicago – like the state of Illinois — does not fund its employee pensions at their true cost level (as determined by actuaries). If it did, the city would have to provide an additional $700 million or so in funding in 2012. By 2015 the number could grow to about $800 million. Not funding these costs... Read more »
By Civic Committee,
December 10, 2010 at 2:57 pm
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