Illinois’ modern pension systems were created with a simple goal: to help public employees secure their financial futures in the wake of two world wars and the Great Depression.
But a half-century of mismanagement has turned the state’s pension systems into a financial morass saddled with a $78 billion debt. Read more.
Part 2: Varied payouts stir pension jealousy
All pension funds are not created equal, but the most active unions help bring home the best deal for retirees.
Two sides of Illinois’ pension systems need to be fixed in order to help bring the state out of its retirement funding quagmire: the benefits, which some say are overly generous, and the funding, which is $78 billion in the red.
In early December 2007, Gloria Lundin went to Beloit, Wis., to visit Ken Hendricks. With her was a framed postcard of the Elks Club building in downtown Rockford.
It was a small gift, she remembers, but one with meaning. Her husband, Jon, had been hatching a plan with Hendricks to turn the dilapidated building into a banquet hall befitting its more august history. But Jon died unexpectedly the previous May, leaving the club’s fate in limbo.
Less than a month later, Hendricks was dead.
It was the year the Rock River Valley lost two visionaries. Read more.
Once a crown jewel of Rockford, the 1918 Midway Theater sits empty and dark at the gateway to downtown, blocks from resurgent businesses yet miles away from rebirth.
The marquee was once adorned with movie titles promising glitz and glamour, but now city merchants and community leaders say someone must save the Midway or it will die of neglect. Read more.