Report: $1.4B more needed from taxpayers for Illinois universities
Report: $1.4B more needed from taxpayers for Illinois universities
A commission reported $1.4 billion is needed from taxpayers as soon as 2035 to fix the state funding drop at Illinois public universities. Instead, they should be pushing for pension reform.
By Patrick Andriesen
Nearly all Illinois public universities report higher costs, less money to operate
Nearly all Illinois public universities report higher costs, less money to operate
Every Illinois public university received about one-third less operational funding from the state in fiscal year 2024 than 15 years ago. University of Illinois spending per student dropped by nearly half.
By Patrick Andriesen
New bill promises up to 50% property tax relief for Illinoisans
New bill promises up to 50% property tax relief for Illinoisans
The bill introduced by state Rep. Tim Ozinga would redirect savings from shrinking pension payments to support local school districts and reduce Illinois’ second-in-the -nation property taxes. Some districts could see their tax bills cut in half.
By Patrick Andriesen
Illinois shorts higher ed by nearly $530M compared to 15 years ago
Illinois shorts higher ed by nearly $530M compared to 15 years ago
Illinois’ institutions of higher education will get nearly $530 million less from lawmakers to run this year than they did in fiscal year 2009, adjusted for inflation. Coupled with rapidly rising pensions, students and their families can expect ever-higher tuition costs.
By Patrick Andriesen
Merging downstate police, fire pensions helps but Illinois needs pension reform
Merging downstate police, fire pensions helps but Illinois needs pension reform
The Illinois Supreme Court voted to uphold a law consolidating 649 municipal police and firefighter pension funds. It may help the state’s pension woes, but amending the Illinois Constitution is needed for real solutions.
By Bryce Hill
Taxpayer advocates push fixes for Chicago’s massive pension debt
Taxpayer advocates push fixes for Chicago’s massive pension debt
At a press conference, a new alliance said failure to address Chicago’s pension problems will threaten public services, fail retirees and push taxes higher so more people are encouraged to leave Illinois.
By Jess Plowman
Chicago can fix pensions but needs taxpayer voices – not just their money
Chicago can fix pensions but needs taxpayer voices – not just their money
Chicago's public pension crisis is the target of a new group called the Taxpayer Pension Alliance, which includes the Illinois Policy Institute. The alliance's launch included this statement by the institute's head of policy.
By Josh Bandoch
Illinois pension debt grows $2.6 billion in 2023, mainly to cover raises
Illinois pension debt grows $2.6 billion in 2023, mainly to cover raises
Unfunded liabilities for Illinois’ five statewide pension systems grew by $2.5 billion in a year, hitting its second-highest level since 2009. Researchers attributed most of the growth to “larger than expected salary increases.”
By Patrick Andriesen
Report: Illinois, Chicago public pension crises worst in U.S.
Report: Illinois, Chicago public pension crises worst in U.S.
Illinois state and local pension debt now tallies $218 billion with both debt to GDP and funding ratios the worst in the nation, according to a new Equable Institute report.
By Bryce Hill, Justin Carlson
Illinois’ pension bonanza: invest $166K, take home $5.5M
Illinois’ pension bonanza: invest $166K, take home $5.5M
Being in the top 10 of Illinois’ five statewide pension systems is an investor’s dream and a taxpayer’s nightmare. The median investment is shy of $166,000, but the estimated lifetime payout is $5.5 million.
By Patrick Andriesen
Pensions put Illinois’ 2024 budget in red by over $4B
Pensions put Illinois’ 2024 budget in red by over $4B
Illinois state lawmakers shorted pensions by $4.1 billion and killed scholarships for low-income students, but gave themselves pay raises and a new office building. Their budget leaves no room for error as revenue projections drop.
By Bryce Hill
Lawmakers plan to short pensions by $4.4 billion in 2024 budget
Lawmakers plan to short pensions by $4.4 billion in 2024 budget
No matter what rhetoric about passing a balanced budget comes out of Springfield, the state budget will automatically be unbalanced because of inadequate pension contributions.
By Justin Carlson
‘ComEd Four’ defendant convicted in bribery scheme could keep pension
‘ComEd Four’ defendant convicted in bribery scheme could keep pension
Officials at the General Assembly Retirement System suspended Michael McClain’s legislative pension after he was convicted on nine counts of bribery in the ‘ComEd Four’ trial. Precedent suggests it may not be permanent.
By Patrick Andriesen
Cook County pension ‘fix’ could cost Illinois billions, fail to fund retirements
Cook County pension ‘fix’ could cost Illinois billions, fail to fund retirements
The proposal by state Sen. Robert Martwick is intended to fix a technical problem with the Tier 2 pension system, but Martwick said he doesn’t know how much it could cost taxpayers. He said it could be “billions.”
By Justin Carlson