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Illinois taxpayers on hook for $5.6 billion pension fix

Illinois taxpayers should be contributing about $250 million more a year into teacher, state employee and university faculty pension systems in order to correct violations of federal tax law, according to a recently issued report.

Chicago , Illinois , United-states , Cook-county , Oswego , Stephanie-kifowit , Dan-montgomery , Robert-martwick , Illinois-federation-of-teachers , Assembly-commission-on-government-forecasting , Senate-special-committee-on-pensions , Illinois-municipal-retirement-fund

Pension reform, Illinois style: Legislation to 'fix' the Tier 2 problem

On the long list of things wrong with Illinois’ pension system, there’s one problem that can’t be ignored: Tier 2 pension benefits are increasingly likely to fall short of minimums under federal rules. If that happens, the sponsoring unit of government would face huge, new liabilities. Those facts have long been widely agreed.

Illinois , United-states , Cook-county , Chicago , Springfield , Illinois-state-university , Robert-martwickd-chicago , Toni-preckwinkle , Senate-on , Civic-federation , Senate-special-committee-on-pensions , Illinois-municipal-league