State pension crisis
Special Report: Illinois state pensions: Overpromised, not underfunded – Illinois’ pension crisis is the result of overpromised benefits, not underfunding by taxpayers.
Overpromising has crippled public pensions: A 50-state survey – Uncontrolled growth in pension promises is wreaking havoc on state budgets and taxpayers alike.
Illinois constitutional pension amendment is long overdue – Illinois no longer has any excuse for not amending its constitutional pension protection clause.
Where Illinois’ skyrocketing pension promises came from – The rapid growth in pension promises came from new, more generous pension benefits and actuarial changes.
Janus v AFSCME and the truth about Illinois pensions in one graphic – AFSCME’s promotion of uncontrolled pension promises made a ruling like Janus v AFSCME inevitable.
Understanding the numbers behind Illinois’ dramatic pension shortfall – Illinoisans’ pension burden is far bigger than the often-cited $130 billion in unfunded pension debts.
A booming market can’t save Illinois pensions – Illinois’ pension crisis is so bad only real reforms can save worker retirements.
Illinois pensions sink during record bull market run – Illinois’ pension health has worsened even though it’s a boom market. Imagine what a recession will do.
Moody’s vs. Illinois politicians: $100 billion difference in pension debts – Moody’s recently released what fiscal realists would say is the true estimate of Illinois’ unfunded state pension liability – $234 billion.
Every Illinoisan Must See These Two Charts In The Wall Street Journal – For the state, about 25% of revenue now goes towards pensions and other debt, but that would jump to over 50% if proper amounts were being paid.
Downstate pension crisis
Harvey, the first domino in Illinois: Data shows nearly 400 other pension funds could trigger garnishment – Harvey can’t pay its bills due to pensions, other cities will follow.
Beyond Harvey: Many Illinois municipalities running out of options – Local police and fire pension costs are bringing cities to the brink of insolvency.
Second domino falls in Illinois: North Chicago revenues garnished for pensions – North Chicago is the second city to have money intercepted to pay police and fire pensions.
Why a bankruptcy option for municipalities is essential – Bankruptcy for municipalities is a last resort, but it’s the only option offering hope to Illinois’ most distressed communities.
“Nobody is winning; everybody is losing” Wirepoints testifies before the House Committee on Cities and Villages – Mark Glennon and Ted Dabrowski joined Rep. Jeanne Ives on May 8th, 2018 to testify in front of the Cities and Villages Committee of the Illinois House of Representatives.
Chicago’s pension crisis
A more likely reason Rahm Emanuel dropped out: the Chicago time bomb – Chicago is a ticking financial time bomb and Emanuel jumped ship just in case it goes off.
$125,000: The pension debt each Chicago household is really on the hook for – Chicagoans are stuck with a massive pile of overlapping pension debt they cannot afford.
Latest Bad Pension Idea: Transfer Midway Airport, Chicago Assets to Pensions – Transferring ownership to pensions wouldn’t improve the city’s position by a dime.
How Emanuel is misleading you on the city’s debt – City officials use budget gimmicks to make Chicago finances look better. Meanwhile, Chicagoans are even worse off.
Chicagoans, pensioners: Beware a stock market shock – Moody’s worries that major stock market drops will damage pension funds’ limited liquidity. Chicago’s pension funds can’t afford another drop in assets.