Category Archives: Public Pensions

Illinois Can’t Balance It’s Budget by Taxing Retirement Income

Back in December, the Northwest Herald ran a story about a proposal to make retirement income subject to Illinois income tax. On December 2, Rep. Dave McSweeney sponsored House Resolution 890, which states that: “We state our belief that the … Continue reading

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Choosing Among Bad Options to Fix Our Pension Mess

So now we know that next year the State of Illinois will have to shell out 24% of its state budget just to pay pensions, and we strongly suspect that we’re having smoke blown at us if we believe the … Continue reading

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Is the Underfunding of Our Pensions 3 Times More Than Advertised?

We’re being told that our public pension plans are underfunded by $111 billion. That’s bad enough, but what if the underfunding is actually 3 times that amount? Continue reading

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19% of Illinois’ Budget Goes to Pensions, and That Number is Going UP

24% of Illinois’ 2017 budget will go to fund the state’s 5 pension plans. Is it any wonder that state services are falling by the wayside? Continue reading

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I’m Shocked! Shocked to Find That Illinois Can’t Make Its Pension Payments!

From Bloomberg Business: Illinois will delay payments to its pension fund as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said. The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into … Continue reading

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The Albatross Around Illinois’ Neck

When talking about the pension problem in Illinois, everyone focuses on the $100 or so billion underfunding. But the problem is not just the underfunding, it’s the amount the state needs to contribute to the plans each year to move … Continue reading

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Invoking the Nuclear Option on Pensions

The head of the Chicago Teachers’ Union pension fund, Charles Burbridge, was on “Chicago Tonight” on Tuesday, and he held up 7 checks totaling $643 million, which was the amount needed to fully fund this year’s required contribution. When Phil … Continue reading

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