A continuation of the analysis of the current situation in Illinois by WirePoints: Fact 15 15. Higher ed retirements overwhelm. The university crisis was already in full force by 2014. Students were fleeing the state and tuitions had already jumped, in many … Continue reading
Category Archives: Pension
A continuation of the analysis of the current situation in Illinois by WirePoints: Fact 4 14. Core services crowded out. By 2015, Illinois was already the extreme outlier nationally when it came to retirement costs and budget crowd out. Those costs consumed more than 20 … Continue reading
The following information was provided by the Commission on Government Forecasting and Accountability: … Continue reading
A continuation of the analysis of the current situation in Illinois by WirePoints: Fact 9 9. Downstate pension costs. By 2015, cities across the state were in deep pension crises of their own. Public safety pension promises (accrued liabilities) had grown 6.4 percent annually over … Continue reading
A continuation of the analysis of the current situation in Illinois by WirePoints: Fact 8 8. Overpromised pensions. Between 2003 and 2015, Illinois lawmakers allowed total pension benefits (accrued liabilities) to grow at the third-fastest pace in the nation. At 7.5 percent a … Continue reading
A continuation of the analysis of the current situation in Illinois by WirePoints: Fact 3 3. Pension shortfalls. Illinois’ pension shortfall tripled to over $100 billion in the decade before Rauner took office. That was despite the $17 billion in pension obligation bonds and the 2011-2014 … Continue reading
From the Illinois News Network: As costs grow, cities push to consolidate hundreds of local public safety pension funds By Brett Rowland | Illinois News Network City leaders want to consolidate hundreds of local pension funds for police officers and … Continue reading
A press release from State Rep. Tom Weber: Weber Rejects Taxpayer Funded Pension FOX LAKE – In one of his first actions since taking office, State Representative Tom Weber (R-Lake Villa) declined the state pension provided to members of the … Continue reading
In an editorial today, the Daily Herald calls for an end to health benefits for suburban county board members. Kane County Democratic Board member Mo Iqbal brought up the subject two years after Republican Chairman Chris Lauzen got no positive … Continue reading
It can be dangerous to put something on the internet. Why? Because it never disappears. Consider the email that then-State Representative Jack Franks sent to constituents on December 24, 2013. Here is how it begins: Fighting Against Sweetheart Deals ‘Double-dipping’ … Continue reading
A Friend of McHenry County Blog tallied the following pension information for firefighters from the Illinois State Comptroller’s web site: In 2007 there were 3,753 retired firefighters and 9,039 active firefighters. In 2016 there were 5,069 retired firefighters and 9,160 … Continue reading
It is not uncommon for police officers and firefighters to get jobs after retirement. In my Village of Lakewood, experienced police officers have been hired that the village otherwise could not have afforded. When the Village Board concluded that the … Continue reading
Looking at the financial shape of townships in McHenry County, a Friend of McHenry County Blog found the following Illinois Municipal Retirement Fund information filed with the State Comptroller for 2017 (for Algonquin, Chemung, Dorr, Grafton, McHenry, Nunda, Riley and … Continue reading
In view of the incredible debt being carried by the State of Illinois for unfunded pensions and future retired employee health benefits, a question arises in the comment session every once in a while as to why state government doesn’t … Continue reading
From Wirepoints: Wirepoints Report: The real cost of pension and public retiree health insurance equals half of Illinois’ budget Illinois owes $73 billion in retiree health insurance benefits for state workers, yet doesn’t have any money set aside to pay for … Continue reading
Former State Rep. Jack Franks, now Chairman of the McHenry County Board, commenced receiving his legislative pension in October. Here are the details provided by the letter authorizing the payments starting last month: … Continue reading
A press release from State Rep. Allen Skillicorn: WITH SUSPENSION OF ACTUARY, SKILLICORN CALLS FOR RECALCULATION AND REVIEW OF ALL ILLINOIS PENSION PLANS East Dundee, IL – In light of the American Academy of Actuaries suspending Timothy W. Sharpe from membership … Continue reading
State Senate Craig Wilcox sent the following press release: Wilcox Pledges to Refuse Legislative Pension “How do we tell [future employees] that we expect them to enter into a pension system that has every likelihood of being insolvent by the … Continue reading
From the Illinois Policy Institute: AMID CONTROVERSY, POLITICAL TOWNSHIP COUPLE BANKS NEARLY $100K IN PENSION BENEFITS Voted out of office in 2017 amid allegations of patronage and waste, Algonquin Township’s former highway commissioner has since found work at neighboring townships … Continue reading
Prairie Grove Grade s School District 46 recently came to a new agreement with its teacher’s union on a new two-year contract through August 2020. The new agreement is posted on its web site. The old agreement has been removed … Continue reading