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Category Archives: Public Pensions
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
Posted in Illinois Budget, Public Pensions Tagged Illinois Budget, Public Pensions, Taxes 4 Comments
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
There Are No Clean Hands in the Pension Debate
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
Posted in Public Pensions Tagged Bruce Rauner, General Assembly, Illinois Supreme Court, Pensions 2 Comments
What Happens If Our Pension Plans Go Broke?
We’re now seeing the real face of Illinois’ pension crisis by the cuts being proposed by Governor Rauner in his 2016 budget. In Fiscal 2016, Illinois will owe $6.8 billion to its 5 pension plans, which will account for roughly … Continue reading
Posted in Public Pensions Tagged Bruce Rauner, General Assembly, Illinois Supreme Court, Pensions 6 Comments