Taxpayers funded 84% of public employee pensions in 2020

By Patrick Andriesen

07/02/2022

Taxpayer contributions accounted for 56% of the money that flowed into Illinois’ pension funds in 2000. Two decades later, residents funded 84% of public employees’ retirements, yet pension debt is still growing.

TAGS: constitutional amendment, municipal pensions, pension reform, pensions, Springfield

What Illinoisans need to know about the progressive income tax

By Orphe Divounguy, Bryce Hill

08/27/2020

Gov. J.B. Pritzker calls his $3.7 billion income tax hike a “fair tax.” But opponents have criticized the constitutional amendment as a blank check for House Speaker Mike Madigan and other state lawmakers, courtesy of Illinois taxpayers.

TAGS: fair tax, graduated income tax, Illinois Constitution, income tax, JB Pritzker, municipal pensions, pension guarantee, pensions, progressive income tax, property taxes, taxes

Illinois pensions 101: Paltry contributions yield million-dollar payouts

01/17/2020

Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.

TAGS: Edgar Ramp, firefighter pensions, GARS: General Assembly Retirement System, government employees, government services, government unions, government workers, IEA-NEA: Illinois Education Association, IFT: Illinois Federation of Teachers, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, Jim Edgar, JRS: Judges’ Retirement System, municipal government, municipal pensions, pension guarantee, pensions, police pensions, public sector, retirement age, Rod Blagojevich, SERS: State Employee Retirement System, Social Security, social services, Springfield, SURS: State Universities Retirement System, tax hikes, tax increase, TRS: Teachers’ Retirement System

Oak Lawn credit rating hits junk status amid skyrocketing pension costs

By Brad Weisenstein

01/07/2020

Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.

TAGS: credit rating, firefighter pensions, IDOI: Illinois Department of Insurance, Moody's Investor Service, municipal pensions, Oak Lawn, police pensions, public safety

Illinois lawmakers pass pension sweeteners without knowing the cost

11/20/2019

Illinois has nation’s worst pension debt. Maybe that’s because state lawmakers take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.

TAGS: Civic Federation, firefighter pensions, IRS: Internal Revenue Service, Jason Barickman, municipal pensions, pensions, police pensions, public safety, safe harbor, Social Security

Illinois pension costs skyrocketed by 500%, crowding out government services

11/19/2019

The rapidly increasing cost of pensions is crowding out core government services.

TAGS: municipal pensions, pension guarantee, pensions

Illinois cellphone taxes are highest in nation, average $374 a year

By Brad Weisenstein

11/18/2019

Taxes alone hike the average Illinois cellphone bill by 31%.

TAGS: 911 fee, 911 tax, cell phone tax, Center for Disease Control and Prevention, Chicago, Connecticut, constitutional amendment, emergency fee, excise tax, exit tax, Illinois, Illinois Constitution, JB Pritzker, Lori Lightfoot, middle class, municipal pensions, pensions, progressive income tax, Rahm Emanuel, sales tax, taxes, wireless tax

All Illinois taxpayers on the hook for CTU’s 244-sick-day pension sweetener

By Vincent Caruso

11/14/2019

A provision included in the bargaining agreement reached between Chicago and its teachers union will allow teachers to trade up to 244 unused sick days for pension credits – billable to all Illinois taxpayers.

TAGS: CPS: Chicago Public Schools, CTU: Chicago Teachers Union, municipal pensions, pension guarantee, pensions, teacher salaries

Report: Illinois pension debt soars to $137B, despite record taxpayer contributions

By Vincent Caruso

11/14/2019

Illinois’ contributions to its pension funds exceeded $10 billion in 2019 for the first time in state history – and it wasn’t nearly enough to keep the state’s pension debt from growing.

TAGS: municipal pensions, pension guarantee, pensions

Illinois Senate president backs bill merging police, fire pension funds

By Brad Weisenstein

11/08/2019

Illinois Senate President John Cullerton is championing a bill to merge more than 640 local police and fire pension funds into two investment pools. With lawmakers returning to Springfield for veto session, action on the bill may be near.

TAGS: consolidation, John Cullerton, municipal pensions, pension guarantee, pensions