Posts tagged "chicago"

Illinois Pension Crisis Now Unfixable

You’ve heard it from policy reports and the news media, Illinois has reached a “fiscal cliff.” Sounds bad, right?  Terrifying, even. But in fact, it’s much worse.  Because our elected officials have been unwilling to make the tough decisions necessary to save our state, Illinois and its pension funds now have nearly $200 billion in debt triggered by... Read more »

Just The Facts: A Primer on Illinois Pensions

Over the last few years we have all been engaged in an effort to find a sensible, workable solution to Illinois’ pension crisis. Simply put, the current pension system is unsustainable and poses the threat of overwhelming the state’s budget if left unaddressed. More immediately, the state’s broader budget issues cannot be resolved until the... Read more »

The Solution is Pension Reform. Let's Work Together to Save Our State.

Thumbnail image for 'The Solution is Pension Reform. Let's Work Together to Save Our State.'
Illinois has a major problem on its hands — and, it’s not going away. It’s Illinois’ pension problem. And, it impacts us all. Whether you are a hard-working teacher, employee of the State, a taxpayer or a family trying to make ends meet, everyone in Illinois is affected. Watch here to learn more. How serious... Read more »

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 »

The Need for Reform of Police and Fire Pension Plans

The Civic Committee of The Commercial Club of Chicago analyzed the values of pension benefits of firemen and policemen in Chicago who recently retired after full careers, many in their early 50’s.  The analysis found that these retirement benefits average above $1 million – well above benefit levels available to taxpayers in the private sector.  ... Read more »

Public pensions creating millionaires - and we pay for it

Illinois and its public employee pension plans owe $80 Billion in unfunded pension liabilities and another $13 Billion in outstanding pension debt – not to mention another $40 Billion in unfunded retiree health care liability.  Total:  over $130 BILLION.  And growing… With enough years of service, Illinois State workers can retire at age 55 with... Read more »

Do furlough days make sense?

Recently, under attack for giving big raises to his staff, Governor Quinn issued an order requiring all State nonunion employees to take off 12 more days of unpaid work this year – which now makes a total of 24 unpaid “furlough” days. These days of non-work are said to translate to a 9.2% reduction in... Read more »

Illinois Budget News: May 13

Illinois’ $3.7 billion dollar pension payment is causing problems everywhere you look. Legislators first decided they wouldn’t even make the payment, which would cost our children and grandchildren up to $40 billion according to actuaries, says Sen. Dave Syverson, R-Rockford. Yesterday, Governor Quinn said borrowing should be part of a state budget compromise: “For those... Read more »

Illinois Budget News: May 12

Greece has been grabbing international headlines for weeks now as they struggled to avoid insolvency. The world came to their rescue, but is the United States and many states, including Illinois, making the same mistakes? The Chicago Tribune editorial board thinks so (Greece and Us): If Americans want to avoid the fate of today’s Greece,... Read more »

Illinois Budget News: May 11

So, legislators balked at passing a budget. Sadly, that’s nothing new. Here are some great editorials and stories outlining our state’s dire situation and our irresponsible lawmakers: State Journal Register, Lawmakers hit new low in irresponsibility Borrowing money to pay pensions is irresponsible. Not borrowing it and delaying or skipping the payment reaches a whole... Read more »