Posts tagged "Civic Committee"
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 »
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 »
Last week, Governor Pat Quinn offered the outlines of a pension reform proposal that is an important first step in addressing Illinois’ massively underfunded public pension system. The plan calls for a 3% hike in employee contributions, phasing in an increase in the retirement age to 67, reducing cost of living adjustments, and shifting some... Read more »
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 »
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 »
Illinois Is Broke – and public employee retirement programs are at the root of the problem. Unfunded retiree-related obligations for public employees and retirees in State pension plans now total over $130 Billion – more than $25,000 per Illinois household. The funding requirements for these programs are growing – totaling Billions of dollars each year... Read more »
Without Reforms, Funds Could Run Out of Money in the Next 10 Years The Mayor’s Commission to Strengthen Chicago’s Pension Funds released its report today. Although the four City pension funds are badly underfunded, the Commission’s report recommends little more than the reforms enacted into law by the Illinois legislature a few weeks ago, which... Read more »