The growing debt crisis in public sector pensions — governments face a $757 billion shortfall in funding their retirement promises, according to one estimate — is coming at a time when unprecedented numbers of baby boomers are reaching retirement age. Read more.
Gov. Pat Quinn proposed an ambitious plan Friday to bring Illinois out of its $83 billion pension funding hole, but he still needs the buy-in of the General Assembly and labor unions, not to mention a constitutional blessing, to make it a reality. Read more.
As school districts across the state contemplate how they’ll absorb teacher retirement costs if state leaders stop paying into educators’ pension plans, a Register Star analysis shows the burden here is likely to be in the tens of millions of dollars. Read more.
A popular public worker benefit, once designed to make up for lower pay, now costs Rock River Valley taxpayers tens of millions of dollars a year at a time of unprecedented financial stress. Read more.