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

The 1%: Illinois’ pension millionaires

By Austin Berg

01/23/2020

More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.

TAGS: 401(k), government unions, ILGA: Illinois General Assembly, Illinois, JRS: Judges’ Retirement System, pension guarantee, pensions, private sector, public sector, SERS: State Employee Retirement System, Social Security, Springfield, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

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

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

Income tax hike dropped Illinois’ economic freedom rank, ‘fair tax’ would drop it more

By Orphe Divounguy, Bryce Hill

11/15/2019

The largest permanent income tax hike in Illinois history was followed by a slide to 34th least-free state in the union, behind nearly every neighboring state.

TAGS: economic freedom, fair tax, graduated income tax, income tax, pension guarantee, pension spiking, pensions, progressive income tax, taxes

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

Chicago teachers no longer can save 40 sick days for retirement: now it’s 244

By Vincent Caruso

11/04/2019

Pension benefits consume 25% of Chicago Public Schools’ budget. The new Chicago Teachers Union contract increases bankable sick days six-fold, increasing pension costs and taking more from classrooms.

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

Chicago teachers recover pension contributions 5 months into retirement

10/29/2019

After retiring at age 55, the average Chicago teacher just takes five months to get back everything they contributed toward their pension during their career.

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