Wirepoints held a press conference on with Rep. Jeanne Ives (R-Wheaton), Rep. Tom Morrison (R-Palatine) and Allen Skillicorn (R-Crystal Lake) after testifying in front of the Cities and Villages Committee of the Illinois House of Representatives about Harvey, North Chicago, and the broader downstate pension crisis.
Wirepoints has performed an analysis of 180 Illinois cities with both a dedicated police and fire pension fund, examining their finances and their pensions. The findings, which will be released in a forthcoming paper, are alarming. Over the past 13 years – the time period for which individual pension fund data is available – finances have worsened dramatically in cities across Illinois.
Listed below are a sample of 20 cities with populations above 25,000 where pensions are wreaking havoc and putting pressure on city budgets. Overall, their funding ratios have either collapsed or remained near-insolvent. Many cities will see 20 to 25 percent of their general budgets consumed by pension costs next year. And taxpayers are putting in far more toward pensions only to watch their systems’ funding ratios fall.
Read more about the crisis here: