A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign
“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”
Though the 401(k) style retirement savings plan in Illinois’ pension reform bill may be helpful to active workers on a go-forward basis, its limited scope will have little impact on the overall condition of the state’s pension plans. While local pension reform hasn’t been debated yet in the General Assembly, this kind of reform would not be effective at the great majority of the nearly 650 downstate police and fire pension plans. Many police and fire plans have funding deficits so deep that the liabilities to those already receiving retirement benefits exceed the plan assets. Municipalities are still making contributions… Read more »