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.
Category: Pension reporting
GOP open, unions not to Gov. Pat Quinn’s ‘bold’ pension reforms
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.
Millions at stake for schools with change in pension plans
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.
Dubious future in Rockford pension windfall
The Illinois Legislature gave Rockford a gift on its pension funding, but it’s up to the city’s 14 alderman to decide how much they’ll take advantage of it in the 2012 budget. Read more.
Illinois schools often pay into pensions
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.
