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Posts tagged "illinois"

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 »
By Civic Committee,
May 8, 2012 at 4:31 pm
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Illinois' Governor Quinn Unveils Pension Reform Proposal

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 »
By Civic Committee,
April 24, 2012 at 12:16 pm
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The Time to Act is NOW! Tell Legislators "Pension Reform First"

The Time to Act is NOW! Tell Legislators "Pension Reform First"
Who got us into this mess isn’t as important as who will get us out. Your legislators head down to Springfield tomorrow and have just three days to address the disastrous pension crisis facing each and every one of us. Illinois’ retirement programs for State employees and teachers are $140 Billion short. That’s right, $140... Read more »
By Civic Committee,
November 7, 2011 at 2:37 pm
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Illinois Is STILL Broke -- And, Our Children Will Pay

Illinois Is STILL Broke -- And, Our Children Will Pay
  Illinois’ retirement funds are $140 Billion short. Yes, BILLION — and they’re in trouble. Let’s put it this way: to make up for our deepening deficit, each person living in Illinois will have to pay $30,000 – that’s $857 a year for the next 35 years or $71 a month – not including interest... Read more »
By Civic Committee,
October 25, 2011 at 11:19 am
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“Illinois is Broke” Launches TV Ad Campaign

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  Failure to act in veto session will cost IL taxpayers another $7+ billion Chicago, Ill. – Just one week from the start of the state legislature’s fall veto session, the Illinois Is Broke campaign is ratcheting up pressure on lawmakers to address the state’s badly underfunded pension systems before tackling all other issues.  Today... Read more »
By Civic Committee,
October 19, 2011 at 11:57 am
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We Support Our Teachers - You Should Too!

We Support Our Teachers - You Should Too!
Last week, we released a video to inform suburban and downstate teachers in Illinois that their pensions are at risk. As you know, there are two sides to every story, and we felt it was important that teachers hear some of the facts that their leaders and others are not telling them. As you can... Read more »
By Civic Committee,
October 14, 2011 at 11:03 am
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A Message to Teachers: the Truth about your Pension

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Illinois is Broke – $140 BILLION in debt – and if you’re a teacher its bad news for you. It’s basic math. There is not enough money to pay benefits to current retirees, much less you. That money being deducted from your pay check each month is going to pay benefits to current retirees. So... Read more »
By Civic Committee,
October 6, 2011 at 11:51 am
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PENSION REFORM FIRST

By now you’ve seen the billboards. We are asking the Illinois legislature to address the pension crisis that is breaking the state budget and causing a financial meltdown in our state. We need your help to spread the word: “Pension Reform First.” It’s clear. Our current pension program is unsustainable and it is not only bankrupting our state... Read more »
By Civic Committee,
October 5, 2011 at 4:28 pm
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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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