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Illinois’ pension funding law dictates the state must contribute more than $11.7 billion to the five state-run retirement systems in the upcoming fiscal year 2026 budget. But the plans’ actuaries have determined the five systems need more than $16.8 billion next year – and annually for at least the next 20 years – to fully fund the systems and begin paying down the state’s pension debt.
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Summary and audio linked here.
To raise the money needed to fully fund pensions the Democrats would have to raise an exorbitant amount of tax revenue. Democrats have seen the blow back Chicago Mayor Johnson received when he proposed an addition tax on Chicago residences that sold for over $1,000,000.00. Slowly, tax payers are getting fed up with government spending, so this situation is going to get a lot worse before anything constructive is done to solve the problem.
Just tack the amount on to the next generation.
Largest Generational theft in history.
The best solution may be to let the systems run out of money and implement a paygo program that bankrupts the municipalities. Depends, of course, how long it takes for the systems run out of money. Will the legislators forego their own pay to maintain former employees whole? Will teachers in active service do the same? Is a slow death better than the ICU? It’s fairly obvious that too few care about any future but their own. Perhaps the can be kicked just far enough for ME.
This has happened many times before in various amounts. Whether it was a pension holiday or shorting pension payments one thing is constant and that is the taxpayers paid the required amount every year mostly via property taxes and pension pickups within the tax. After the money left our hands it never made it to where it was intended to go. This is misappropriation and diversion of public money. There should be some sort of class action lawsuit against the state for diverting our money from where it was intended in the first place. What if you made car or… Read more »
The required amount from taxpayers isn’t enough. The required amount is $5.1 billion less than what it should be. That’s a main point of the article. Even without pension holidays the state has not been paying enough.
Correct but you and I have paid the required amount every year based on the value of our properties. The problem is the payments we make as taxpayers and employees NOW are for the current year but the money or at least some of it goes to retirees but the amount we pay is credited to current employees at least on paper. Plus the current employees make more money than retirees from a few decades ago so our payments are higher yet there is never enough money.
The $5.1 billion isn’t at the local level but refers to the states required contribution. This shortage has nothing to do with your property taxes. Paying your required taxes doesn’t prevent future tax bills from increasing. The state hasn’t been paying enough as outlined in the article so we will end up paying more in the future. As frustrating as it is, it’s not misappropriation of funds to spend money elsewhere on other needs. Who exactly would you sue that would provide you financial relief? The state of Illinois? Who do you thinks pays that bill? Not sure what you… Read more »