Category Archives: Public Pensions

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

Posted on December 20, 2015 by Steve Reick

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!

Posted on October 15, 2015 by Steve Reick

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

Posted on July 27, 2015 by Steve Reick

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 →

Posted in Illinois Budget, Public Pensions | Tagged , , | 4 Comments

Invoking the Nuclear Option on Pensions

Posted on July 1, 2015 by Steve Reick

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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There Are No Clean Hands in the Pension Debate

Posted on June 11, 2015 by Steve Reick

In its May 8th decision, the Supreme Court couldn’t have been plainer as to the priority of pension obligations in the state budget, and placed the greatest portion of the blame for the condition of the pension funds squarely where … Continue reading →

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