Illinois Needs a Pension Amendment.
Learn why by reading the below:
Illinois’ Constitutional Pension Amendment Is Long Overdue – Contrary to claims by public unions, the Contract Clause and the rest of the Constitution do not spell doom for addressing our pension crisis through a constitutional amendment. Rhode Island indicates it would work.
State pension crisis
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.
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.
Chicago’s pension crisis
Chicago’s pension funds looking more like a collapsing Ponzi scheme – If you look at Chicago’s collapsing demographics and consider how they’re threatening the solvency of the city’s government-run pensions, you can’t help but call it a Ponzi scheme.
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.
Chicago’s Proposed $10 Billion Pension Obligation Bond
Downstate pension crisis
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.
Other pension pieces
Shut down Illinois lawmaker pensions: They’re already bankrupt – Politicians have run their pensions into the ground. GARS is basically insolvent and requires an annual bailout by taxpayers to stay afloat.
Retiree health insurance
Kanerva v. Weems: A staggering pension decision – The Illinois Supreme Court has elevated subsidized health insurance for public employees to a constitutionally unalterable pension obligation.