IL Supreme Court Rules Health Benefits Part of Pension

The IL Supreme Court today ruled that retirement health care benefits within the State pension systems are to be considered part of pension benefits that can not be constitutionally diminished or reduced. Paragraph 40 [Emphasis mine] ~ Although some of the benefits are governed by a group health insurance statute and others are covered by the […]

Fair?

Members of Illinois’ state-run pension systems claim they’ve paid their fair share into the pension funds. To be sure, these workers have paid in what’s been required legally under mutually agreed upon contracts. But the benefits politicians and union bosses have negotiated for retirees are pushing the state’s pension systems to the brink of insolvency. A […]

1970’s vs. Today: Comparing TRS Pensions

“The Illinois Public Employees Pension Laws Commission, which no longer exists, said it had opposed the language inserted into the constitution and had asked one of the sponsors to soften it or at least read a statement into the convention record that it wouldn’t preclude “a reserved legislative power” to change benefits in order to […]

Madigan’s Disastrous Pension Bill Passes

Michael Madigan finally puts forth a pension bill and it passed the Illinois House. It now heads back to the Senate. Before I explain why this bill is a disaster, let’s look at the overview of the major points of the HA#1 to SB 1 via Reboot Illinois: New funding schedule New method for certifying […]

Gov. Quinn Introduces Squeezy, the Pension Python

Gov. Quinn introduces Squeezy, the pension python and its associated website ThisIsMyIllinois.com. The website gives Quinn’s take on the Pension Crisis. His mission is Halt the increasing pension pressure on the budget and its far-reaching effects NOW because it can’t wait Ensure retirement security for our teachers and others Secure the Illinois that we want […]

IL: Teachers’ Retirement System bleeding out, experts say

By Jayette Bolinski | Illinois Watchdog SPRINGFIELD – Illinois’ teacher pension system could go broke if the state does not figure out a way to fully fund the system soon, the leader of the retirement system and others have warned again. Illinois’ Teachers’ Retirement System is seeking $3.4 billion from the state for its portion of the pension […]

Illinois could be first state to go broke

Illinois’ public pension crisis is still making news and despite a $7 billion state income tax hike last year, state government remains far behind in paying its bills.  The Teachers’ Retirement System (TRS) recently readjusted its view of expected rates of return on its investment portfolio. “The lower expected rate of return from 8.5 percent […]

Grayslake D127 Superintendent Gets 30% Raise

Grayslake High School District 127 received a new 5 year contract. The contract gives Dr. Catherine Finger a $65,000 raise (see table below) or put another way, a 30% increase over the next 5 years. This raise does not include all benefits as calculated by TRS (Teacher retirement System) and is stated to mirror the […]