Illinois/ Chicago Public Pensions

[entropychaser]

Illinois/ Chicago have the lowest credit rating in the country.

Illinois state pension debt is $172 billion- worst, by far, in the US.

Chicago has the worst funded pensions and highest fixed costs of any big city.

Illinois/Chicago have the highest taxes in the US

Illinois was one of three states losing population.

Boeing, Caterpillar, and Citadel have left the state. Warren Buffett has stated he would never invest in Illinois.

Now, the Illinois Legislature has passed a veto-proof Chicago fire/police pension increase for new hires since 2010. It would increase pension liability by $11 billion and drop funding to 18%

How is this gonna work?

Lawmakers considering adding more than $64.5 billion in pension costs in final hours of budget negotiations

As state lawmakers finalize the 2026 budget, public sector unions are pushing for major benefit spikes for Tier 2 pensioners to be included in last-minute additions.

www.illinoispolicy.org

 

[Capttomo]

It’s called kick the can down the road. Although this trip dosent have much further to go. The probies on the job in Chicago probably won’t ever see their pension

 

[grumpy grizzly]

I now live in Central Illinois, just S of I-74. For years the politicians have acted if there is no civilization S of I-80 except when they need money to support Crook County and to a lesser amount the 6 border counties. Now the recent budget that was passed has a .50 to 1.50 delivery tax to fund Chicago's transit system. Capttomo is right, they have been kicking this can down the road for a long time. They were advised in the 1950's that the way they were funding the pension system was going to collapse some day. And it appears that day is fast approaching!

 

[Capttomo]

I now live in Central Illinois, just S of I-74. For years the politicians have acted if there is no civilization S of I-80 except when they need money to support Crook County and to a lesser amount the 6 border counties. Now the recent budget that was passed has a .50 to 1.50 delivery tax to fund Chicago's transit system. Capttomo is right, they have been kicking this can down the road for a long time. They were advised in the 1950's that the way they were funding the pension system was going to collapse some day. And it appears that day is fast approaching!

Sad to the members that bust their ass everyday under what will turn out to be false promises

 

[grumpy grizzly]

Sad to the members that bust their ass everyday under what will turn out to be false promises

I believe 4 years without a contract.

 

[DaveReinstein]

Illinois/ Chicago have the lowest credit rating in the country.

Illinois state pension debt is $172 billion- worst, by far, in the US.

Chicago has the worst funded pensions and highest fixed costs of any big city.

Illinois/Chicago have the highest taxes in the US

Illinois was one of three states losing population.

Boeing, Caterpillar, and Citadel have left the state. Warren Buffett has stated he would never invest in Illinois.

Now, the Illinois Legislature has passed a veto-proof Chicago fire/police pension increase for new hires since 2010. It would increase pension liability by $11 billion and drop funding to 18%

How is this gonna work?

Lawmakers considering adding more than $64.5 billion in pension costs in final hours of budget negotiations

As state lawmakers finalize the 2026 budget, public sector unions are pushing for major benefit spikes for Tier 2 pensioners to be included in last-minute additions.

www.illinoispolicy.org

The teachers union, like many cities absolutely owns the mayor. I feel terrible for the fire department in Chicago. It’s an absolute clown show from top to bottom. Sure, some logical hires are in staff, but many are not. Their apparatus are falling apart and you would think, with a city like Chicago, they would be able to afford nice apparatus.