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Archive for the ‘Pension Funding’ Category

Barrington Countryside Fire Protection District Board meets tonight

Posted in Agendas, BCFPD, Jewel-Osco, Pension Funding, Politics, Property Taxes, Public Safety, Taxes, Unions on October 21, 2024| Leave a Comment »

The Barrington Countryside Fire Protection District (BCFPD) Board of Trustees meets tonight at 6:30 PM at 22222 N. Pepper Road in Lake Barrington. Topics on their agenda include:

  • Insurance Review
  • Accountant Services Review
  • Consideration and possible approval of a resolution approving and authorizing execution of all necessary documents to establish the Barrington Countryside Fire Protection District Retiree Healthcare Funding Plan & Trust which plan and trust constitute an IRC Section 115 Trust.
  • Consideration and possible approval of a letter from the BCFD to Cook County accepting the slopes on the station number 39 property.
  • Discuss the 2024 Tax Levy
  • Cadet Program

A copy of their agenda can be viewed here.

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2024 Financial State of the States: Illinois gets an ‘F’ again, ranked third worst ‘sinkhole’ state – Truth in Accounting

Posted in Barrington Education Association, Diversity, Equity and Inclusion (DEI), Elections, Look For The Union Label, Organizations, Pension Funding, Politics, Pritzker’s Rules of Order, Property Taxes, Springfield, Taxes, Topics Of Interest, Unions, Wirepoints on October 6, 2024| Leave a Comment »

As of August 31 2024, Illinois had not released its fiscal year 2023 annual financial report. Based upon the state’s last audited financial report for the fiscal year 2022, it had a Taxpayer Burden of $37,000, earning it an “F” grade from Truth in Accounting. At that time, Illinois needed $175.4 billion to pay its bills. Unfunded pensions and other employee retirement obligations continued to plague the state in 2022, and we expect the same occurred in 2023.

Read about it here

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You’re Invited to a Marty McLaughlin Meet & Greet Tuesday

Posted in Education, Elections, Fundraisers, Pension Funding, Politics, Resident Spotlights, Unions on October 3, 2024| Leave a Comment »

Please join 52nd Representative Martin McLaughlin next Tuesday, October 8th, for a Meet & Greet at the Crossroads Restaurant & Bar in Mundelein from 6 – 8 PM. Directions can be found here.

To RSVP, go to marty@MartyForIllinois.com or visit MartyForIllinois.com to learn more about his campaign and hopefully contribute to his cause.

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Village Board of Trustees meet tonight

Posted in Agendas, Aunt Fat Ass, BACOG, Clown Car, Conflict of interest, Dumb and Dumber, Elections, ePacket Agendas, Equestrian Commission, Ethics, Insurance Committee, Intergovernmental agreements (IGA), Land Use, Mac's Property Management, Minutes, Open Meetings Act, Pension Funding, Plan Commission, Police Pension Board, Politics, Property Taxes, Public Safety, Real Estate, Roads & Bridges Committee, The Chicago Way, Topics Of Interest, Unions, VBHPD, Village Attorney, Village Board, Village Clerk, Village Code, Village Director of Administration, Village Engineer, Village Government, Village President, Village Treasurer, Yabba Dabba Doo, Zoning Board on September 23, 2024| Leave a Comment »

The Village Board of Trustees will be conducting their regular monthly meeting this evening beginning at 6:30 PM. Topics on their agenda include:

A copy of their agenda can be viewed and downloaded here.

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Does Illinois have a path to public pension reform?

Posted in Barrington Education Association, Cook, County, Elections, Illinois Policy Institute, Look For The Union Label, New Normal?, OP/Ed, Organizations, Pension Funding, Politics, Preckwinkle's Rules of Order, Pritzker’s Rules of Order, Property Taxes, Springfield, Taxes, The Chicago Way, Topics Of Interest, Unions on September 10, 2024| Leave a Comment »

By Matt Paprocki | Illinois Policy Institute

Does Illinois finally have a path to public pension reform?

Barrington Township recently placed a nonbinding resolution on the Nov. 5 ballot that serves as a meaningful first step.

The referendum reads as follows:

“Do you support constitutional pension reform to protect workers’ existing retirements and generate savings which could provide property tax relief or be reinvested in the community?”

Illinois’ worst-in-the-nation pension crisis shouldn’t come as a surprise. For years economists have been sounding the alarm that Illinois’ pension problem is growing from financially painful to potentially unsolvable. Now, taxpayers are on the hook for $212 billion in unfunded state and local pension liabilities.

Not only is Illinois’ pension debt the largest in the U.S. as a percentage of the state’s gross domestic product, but Illinois’ government pensions also are the second-worst funded in the nation at 49.5%.

Illinois’ pension spending has grown significantly since 2000, outpacing other categories. Since then, pension spending has increased by more than 584%, while total spending grew by 21% and many vital services to the state’s most vulnerable were cut by 20%. Rapidly growing pension spending still can’t keep up with the growing gap in what’s been promised to government retirees.

What does that mean for residents and businesses in Illinois?

While decades of fiscal mismanagement by lawmakers largely is responsible for Illinois’ current pension predicament, residents and businesses have been forced to cover the growing costs. Those costs become higher property taxes: as pensions eat more state spending — currently $1 of every $5 — schools and other local governments boost property taxes to replace dwindling state dollars and cover their own pension costs.

Residential property taxes in Illinois have increased 215% since 1996. Illinois residents now pay the second-highest property taxes in the U.S. Additionally, Chicago has the second-highest commercial property tax in the nation.

High taxes are pushing people out of the city and out of the state. Population levels in Chicago are the lowest they’ve been since 1920 and the state has lost more than 250,000 residents since the pandemic.

Residents also are hurt by the effect of high taxes on businesses, which provide jobs. High taxes are bad for business. The greater Chicago area has lost seven major companies in recent years, which means thousands of Illinois jobs are headed to states with lower taxes.

It’s a vicious cycle. Pension debt eats up finances that would be used for goods and services. To keep up and avoid cutting services, lawmakers raise taxes. Residents and businesses, overburdened with high costs, flee the state and worsen the burden for those who remain.

Experts describe pension funding ratios that fall under 60% as deeply troubled and warn ratios below 40% are likely past the point of no return. Illinois at 49.5% is at great risk of reaching that point of no return. That means pensions are at risk for our public employees, and remaining Illinoisans face the threat of massive new taxes.

Now, more than ever, the state needs meaningful pension reform.

Of the eight states that enshrine public pension benefits in their constitutions, Illinois is the state that has had the most difficulty when it comes to funding its pensions. In 2013, a series of bipartisan reforms that would have addressed many of the problems were passed, but ultimately rejected by the Illinois Supreme Court as unconstitutional.

A pension reform plan originally developed by the Illinois Policy Institute — based loosely on those bipartisan 2013 reforms — would help eliminate state and local unfunded pension liabilities and achieve retirement security for government pensioners without taking away current benefits. But to implement these, or similar, necessary reforms and solve the pension problem, Illinois needs to change its constitution.

Polling shows a majority of Illinoisans support constitutional pension reform. However, legislators across Illinois have refused to give residents the opportunity to vote on the issue. Without legislative action, a constitutional amendment to reform pensions won’t get on the ballot.

Which is why Barrington Township’s referendum, while nonbinding, is so important.

Local townships giving residents the opportunity to declare their concern about the issue tells lawmakers how important it is to take up pension reform at the state level.

More municipalities throughout Illinois should follow Barrington Township’s example.

Enabling voters to voice their opinions on much-needed pension reform is the first step toward solving the pension crisis and ensuring financial security for pensioners, businesses and residents in Illinois.

– Matt Paprocki is the president and CEO of the Illinois Policy Institute.

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2 New Illinois property taxes laws fail to offer taxpayers real relief

Posted in Deception, Ethics, Illinois Policy Institute, Pension Funding, Politics, Pritzker’s Rules of Order, Property Taxes, Taxes, The Chicago Way, Topics Of Interest on September 9, 2024| Leave a Comment »

Gov. J.B. Pritzker recently approved two laws intended to spur change in the way property taxes work in Illinois. They are old ideas that will provide more show than relief. | AP Photo/Nam Y. Huh

By Joe Tabor | Illinois Policy Institute

Gov. J.B. Pritzker just signed two bills into law that aim to address property taxes in the state, but neither will bring the reform Illinoisans deserve.

Senate Bill 2936 allows home rule municipalities to provide abatements for newly remodeled homes. Senate Bill 3455 commissions a study on the entire property tax system in the state.

SB 2936 would allow municipal governments to abate property taxes for newly remodeled single-family residences up to the value of the alteration. This policy would provide added incentives for homeowners to invest money in their homes and increase the value of their property.

It would not reduce the property taxes governments demand. It simply shifts the burden to those who did not make improvements to their homes. This is not a solution to the problem of high property taxes.

SB 3455 commissions the Illinois Department of Revenue to study the entire property tax system in the state, including a comprehensive review of assessments, collections, exemptions and the tax levies themselves. It is to look at the classification system used by Cook County as compared to the system used by the rest of the state. The law allows the department to make recommendations that will improve the system.

If that sounds familiar, it is because it is roughly the same mandate Pritzker gave to the Property Tax Relief Task Force created by SB 1932 in 2019 just after he took office. The task force put out a draft report in 2021 recommending various changes in policy, including local government consolidation, more state funding for education and expanding the sales tax base.

Few of the task force’s recommendations have been seriously followed up on. The report ignored the No. 1 driver of property taxes in Illinois: overpromised public pensions.

Read more here.

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You’re invited to Biltmore Country Club Tuesday for an evening of great conversation!

Posted in Education, Elections, Pension Funding, Politics, Property Taxes, Public Safety, Real Estate, Resident Spotlights, Springfield, Taxes, Topics Of Interest on September 8, 2024| Leave a Comment »

Let’s Return Illinois to Reasonable and Make Sense Common Again!

Come on out to the beautiful Biltmore Country Club on Tuesday September 10th from 5:30-7:30 PM for an evening of lively conversation, libations and delicious appetizers! Suggested donation $75, but all are welcome!

Click here to RSVP.

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Pension reform vote coming to Barrington Township

Posted in Cook, County, Elections, Hoffman Estates, Illinois Policy Institute, Pension Funding, Politics, Property Taxes, Resident Spotlights, South Barrington, Taxes, Unions on August 15, 2024| 1 Comment »

Barrington Township will be the first local government in Illinois to give taxpayers a vote on reforming the single-largest property tax driver in the state: public pensions. The advisory referendum will be on the ballot Nov. 5.

By Patrick Andriesen | Illinois Policy Institute  

Barrington Township will be the first Illinois municipality to give taxpayers a vote on the single largest fiscal issue facing the state: Illinois’ nation-leading pension crisis.

The Barrington Township Board of Trustees voted unanimously, 5-0, to put a non-binding referendum on the Nov. 5 ballot to gauge community interest in changing the Illinois Constitution to allow government pension reform.

The referendum reads as follows:

“Do you support constitutional pension reform to protect workers’ existing retirements and generate savings which could provide property tax relief or be reinvested in the community?”

Illinois Policy Institue policy analyst Ravi Mishra testified Aug. 13 in favor of the ballot question.

“For over a decade, taxpayers have watched as your property taxes have increased and local governments have suffered as your budgets are stretched thin by the unfunded state pension mandate,” Mishra said. “We think it’s time to give voters a voice on this issue.”

The referendum was brought to the township and promoted by Barrington Township Republican Committeeman Peter Kopsaftis.

Illinois is home to the nation’s worst pension crisis, which has left taxpayers on the hook for $211 billion in unfunded state and local pension liabilities.

Not only is Illinois’ pension debt the largest in the U.S. as a percentage of the state’s gross domestic product, but it’s also the worst funded in the nation at about 51%.

It falls between the 60% experts describe as deeply troubled and funding ratios below 40% that are likely past the point of no return.

While decades of fiscal mismanagement by lawmakers is largely responsible for Illinois’ current pension predicament, residents have been forced to cover the growing costs, primarily through higher property taxes.

As a result, residential property taxes in Illinois have increased 215% since 1996.

Illinoisans now pay the second-highest property tax rate in the nation, with the typical homeowner spending more on their property tax bill than homeowners in Alabama, West Virginia, Arkansas, Louisiana and South Carolina combined.

Read more here.

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Festivals July 12-18: Itasca Fest, the Kane County Fair, Cow Appreciation Day and more

Posted in Entertainment, Mad Cows, Pension Funding, Topics Of Interest on July 12, 2024| Leave a Comment »

Itasca Fest runs Thursday through Sunday, July 11-14, at Washington Park in Itasca. | John Starks/jstarks@dailyherald.com

By Luke Zurawski | Daily Herald

Friday, July 12

Itasca Fest: 6-11 p.m. Thursday, July 11; 6-11:30 p.m. Friday, July 12; noon to 11:30 p.m. Saturday, July 13; and noon to 11 p.m. Sunday, July 14, at Washington Park, 350 Irving Park Road, Itasca. Music, carnival, food, bingo, family entertainment, classic car show from 10 a.m. to 3 p.m. Sunday at Usher Park and more. Music from Form at 7 p.m. Thursday; Boy Band Review at 9 p.m. Friday; Petty Kings at 6 p.m. and ARRA at 9 p.m. Saturday; and Think Floyd at 8:30 p.m. Sunday. Free entry. itascalionsclub.org/ or facebook.com/itascalions.

Fun Day In The Park: 10-11 a.m. Friday, July 12, at Vogelei Park, 650 W. Higgins Road, Hoffman Estates. Ben Tatar will perform. Free. heparks.org.

Lake County Greek Fest: 11 a.m. to 9 p.m. Friday through Sunday, July 12-14, at St. Demetrios Greek Orthodox Church, 1400 N. O’Plaine Road, Libertyville. Greek food, music and dancing. saintdemetrioslibertyville.com.

Outdoor Movie Nights: 6 p.m. Friday, July 12, at Deer Park Town Center, 20530 N. Rand Road, Deer Park. Preshow activities include face painting, balloon artist, games and more. “Trolls Band Together” starts at 7 p.m. Free. shopdeerparktowncenter.com.

Sounds of Summer Concert Series: 7:30 p.m. Friday, July 12, at Fred P. Hall Amphitheater, 256 E. Palatine Road, Palatine. Blooze Brothers will perform. Bring blankets or lawn chairs. Free. palatineparks.org/sounds-of-summer.

Movies Under The Stars: Dusk Friday, July 12, at Willow Stream Park, 651 Old Checker Road, Buffalo Grove. See “Trolls: Band Together.” Concessions available or bring a picnic. Free. bgparks.org.

Saturday, July 13

McHenry Garden Walk: 9 a.m. to 4 p.m. Saturday, July 13, starting at Master Gardener Demonstration Garden at MCC parking lot C, 8900 Route 14, Crystal Lake. University of Illinois Extension McHenry County Master Gardeners and MCC host a self-guided drive featuring gardens studded with artwork, edible plots and more in Crystal Lake, Woodstock, Harvard and McHenry. Register: mchenry.edu/gardenwalk.

The Bristol Renaissance Faire is open for the season on Saturdays and Sundays through Sept. 2. | Courtesy of the Bristol Renaissance Faire

Bristol Renaissance Faire: 10 a.m. to 7 p.m. Saturdays and Sundays through Sept. 2, off I-94 at the Illinois/Wisconsin border. Step back in time with food, games, costumes, theme weekends and more. $40 for adults; $15 for kids 5-12; and free for kids 4 and younger. renfair.com/Bristol.

North American Reptile Breeders Conference: 10 a.m. to 5 p.m. Saturday, July 13, and 11 a.m. to 4 p.m. Sunday, July 14, at the Schaumburg Convention Center, 1551 N. Thoreau Drive, Schaumburg. See reptiles from breeders from all over the country, with vendors, reptile talks and more. $15 for adults, $10 for kids 6-12, and free for kids 5 and younger. narbc.com.

Barrington Bourbon and Brew Crawl: 1-5 p.m. Saturday, July 13, from Scratch Pastificio, 135 Park Ave., Barrington. The crawl includes sampling specialty bourbons and local brews at 16 stops throughout Barrington, plus live music. Ages 21 and older. Hosted by the Barrington Area Chamber of Commerce. $35. barringtonchamber.com.

Blind Flight Outdoor Beer Tasting: 1-5 p.m. Saturday, July 13, at Carpenter Park, 275 Maple Ave., Carpentersville. Carpentersville Morning Rotary Club hosts a picnic-style craft beer tasting fundraiser. Food for sale and live music. Beer tasting tickets include a tasting glass. Tickets: carpentersvillerotary.org.

Summer Breeze Concert Series: 7 p.m. Saturday, July 13, at the Robert O. Atcher Municipal Center, 101 Schaumburg Court, Schaumburg. The Lovettes will perform. Free. parkfun.com.

Sunday, July 14

Ride for Hope 2024 sets out at 8 a.m. Sunday, July 14, from Moretti’s Ristorante and Pizzeria in Bartlett. | Courtesy of Lisa Haring

Ride for Hope 2024: 8 a.m. Sunday, July 14, at Moretti’s Ristorante and Pizzeria, 1175 W. Lake St., Bartlett. Ninth annual ovarian cancer awareness motorcycle ride and celebration raises money for women diagnosed with ovarian cancer. A 50-mile, fully escorted ride begins at 10:30 a.m. with registration from 8-10 a.m. After Party from 1-4 p.m. features lunch and dessert buffet, live music by Bronson Rock, a silent auction, box drawings, Teal Chopper Gift Card raffle, Split the Pot raffle, Teal Marketplace and Survivor’s Tent with LMS Comfort Dogs. $35 in advance; $40 day of the event. rideforhopeil.org.

Heritage Fair Vintage Car Show: 9 a.m. to 3 p.m. Sunday, July 14, at the McHenry County History Museum, 6422 Main St., Union. Car show with 50/50 raffle, door prizes, DJ, food vendors, over 15 unique custom trophies and 10 People’s Choice trophies. All makes, models and years are welcome. Register your car at bit.ly/3ISCAbL. Free for spectators. mchenrycountyhistory.org.

Elmhurst Garden Walk & Faire: 9:30 a.m. to 4 p.m. Sunday, July 14. The walk showcases private and public gardens along with a boutique in Elmhurst’s Wilder Park. elmhurstgardenclub.org.

Cow Appreciation Day (LINDA!!!): 11 a.m. to 2 p.m. Sunday, July 14, at Heritage Farm at Spring Valley, 201 S. Plum Grove Road, Schaumburg. Learn about cows, play games and make a craft. Free. parkfun.com.

Heritage Fair: 10 a.m. to 2 p.m. Sunday, July 14, at the McHenry County Historical Museum, 6422 Main St., Union. Plant sale, vintage sale, artisan demos, kids’ activities, food vendors and more. The Vintage Car Show from 9 a.m. to 3 p.m. includes a DJ, door prizes and food vendors. Free admission; car entrants can preregister at bit.ly/3ISCAbL to save $5. The first 75 registered cars will receive a goody bag, dash plaque and door prize ticket. mchenrycountyhistory.org.

Wickstrom Lincoln Concert Series: 1-3 p.m. Sunday, July 14, and 6:30-9 p.m. Wednesday, July 17, at the Arboretum of South Barrington, 100 W. Higgins Road, South Barrington. Pino Farina Band performs on Sunday and Mike & Joe on Wednesday. Food for purchase. Free. shopthearb.com.

Wheeling’s Sounds of Summer Concert Series: 5-6:30 p.m. Sunday, July 14, at Heritage Park Performance Pavilion, 201 Community Blvd., Wheeling. Mariachi Monumental De Mexico performs. Bring a blanket or lawn chair for seating. Coolers are allowed; no outside alcohol permitted. Soft drinks, water, beer and seltzer for purchase. Free. wheelingparkdistrict.com.

Monday, July 15

Bartlett’s 30th annual National Night Out activities: 9-11 a.m. Monday, July 15, at the Bartlett Metra Lot. Touch-A-Truck and Kids ID event. bartlettil.gov/government/police/national-night-out.

Tuesday, July 16

Wauconda Cruise Nights: 5-8 p.m. Tuesday, July 16, at Route 176 and West Mill Street, Wauconda. Cars on display and family-friendly activities. Free to cruisers and spectators. waucondacruisenight.com.

Buffalo Grove Park District Summer Concert Series: 6:30-8:30 p.m. Tuesday, July 16, at Willow Stream Park, 651 Old Checker Road, Buffalo Grove. Prissillas will perform. Food, beer, wine and soft drinks for purchase. Bring blankets and chairs. No outside alcohol allowed. Free. bgparks.org/summer-concert-series.

Crystal Lake Concerts in the Park: 7 p.m. Tuesday, July 16, at Main Beach, 300 Lakeshore Drive. 28 Days will perform. Free. For parking locations, see crystallakeparks.org/special-events.

Wednesday, July 17

The Kane County Fair returns to the Kane County Fairgrounds in St. Charles Wednesday through Sunday, July 17-21, with rides, food, a demolition derby, bullriders and more. | Daily Herald File Photo

Kane County Fair: 3-11 p.m. Wednesday and Thursday, July 17-18; noon to midnight Friday and Saturday, July 19-20; and noon to 9 p.m. Sunday, July 21, at the Kane County Fairgrounds, 525 S. Randall Road, St. Charles. 155th annual fair featuring a 4-H show, kids’ events, Miller Lite Soundstage, carnival and more. Grandstand shows: Illinois State Pullers ($10) at 6:30 p.m. Thursday; Professional Championship Bullriders & Cowgirls at 7:30 p.m. Friday and Saturday; and Demolition Derby ($10) at 2 and 5 p.m. Sunday. Music from Eric Chesser at 7 p.m. July 18; Pino Farina Band at 8 p.m. July 19; Hillbilly Rockstarz at 8:30 p.m. July 20; and Hi Infidelity at 8 p.m. July 21. Pre-fair with carnival only from 3-11 p.m. Wednesday, with $5 admission to the fairgrounds and $32 for unlimited carnival rides. Fair admission: Cash at the gate: $5 on Wednesday and Thursday; $10 for adults, $5 for kids 3-12 Friday through Sunday; and free for kids younger than 3. Seniors over 62 and military with ID admitted free before 5 p.m. Thursday. Season pass: $25. Free parking. kanecountyfair.com.

Food Truck Socials: 4-7 p.m. Wednesday, July 17, at Paulus Park, 200 S. Rand Road, Lake Zurich. A rotating selection of food trucks. lakezurich.org.

Sounds of Summer — Palatine Concert Band: 7:30 p.m. Wednesday, July 17, at Fred P. Hall Amphitheater, 256 E. Palatine Road, Palatine. Palatine Concert Band, under the direction of Dr. Frederick Lowe, will perform. Free. palatineparks.org/sounds-of-summer.

Thursday, July 18

Barrington Thursday Night Out: 4-8 p.m. Thursday, July 18, at Cook and Station streets in downtown Barrington. Barrington Farmers Market, classic cars, live music, family activities and more. Free. barrington-il.gov/events/thursday-night-out.

Music Under the Oaks: 5-8:30 p.m. Thursday, July 18, at Ralph Seyller Memorial Park, 400 E. Jefferson Ave., Hampshire. Local singer/songwriter Nicole Devine opens from 5-6 p.m., with headliner Yankee Cowboy from 6:30-8:30 p.m. Food truck Smash’D. Bring lawn chairs and blankets. Free. hampshireparkdistrict.org.

Take a spin on a carnival ride during Vernon Hills Days Thursday through Sunday, July 18-21. | Daily Herald File Photo, 2019

Vernon Hills Days: 6-10 p.m. Thursday, July 18; 6-11 p.m. Friday, July 19; 1-11 p.m. Saturday, July 20; and 1-7 p.m. Sunday, July 21, in Century Park, 1001 Lakeview Parkway, Vernon Hills. Carnival, bingo, bags tournament, kids’ events and fireworks on Thursday. Performances include: The Boy Band Night at 7 p.m. July 18; Alt 101 at 7 p.m. and Everclear at 9 p.m. July 19; The Gingers at 7 p.m. and Steve Augeri at 9 p.m. July 20; and Mike & Joe at 6 p.m. July 21. Carnival wristband specials available. Free entry. vhdays.com.

Sounds of Summer Concert Series: 7-8:30 p.m. Thursday, July 18, at Harmony Park, 7 S. Vail Ave., Arlington Heights. Petty Kings will perform. Free. vah.com.

Summer Sounds on the Green Concert Series: 7 p.m. Thursday, July 18, at Village Green, 5510 Prairie Stone Parkway, Hoffman Estates. American Cash will perform. Bring a picnic, coolers, food, drinks, chairs, blankets and small tables. Seating is first-come, first-served. Food and beverages for purchase. Free. hoffmanestatesarts.com/summer-concert-series.

Harper College Summer Concert Series: 7:30 p.m. Thursday, July 18, at the Drs. Kenneth and Catherine Ender Pavilion on Harper’s campus, 1200 W. Algonquin Road, Palatine. Bring lawn chairs or blankets. Guitar alumni concert. harpercollege.edu.

Find many more opportunities here.

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New research on big pensions shows need for cost shift

Posted in Barrington Education Association, Pension Funding, Politics, Property Taxes, School Districts, Unions, Wirepoints on June 13, 2024| Leave a Comment »

By Mark Glennon | Wirepoints

The club is growing.

Illinois now has over 43,000 public pensioners receiving over $100,000 per year in retirement, as we reported Tuesday. That’s based on a collection of Freedom of Information Act requests by Wirepoints and includes most of the state and local pensions. The number of $100,000-plus pensioners has grown significantly. A similar analysis by Open the Books in 2018 counted 23,000 government retirees with $100,000 compensation.

But they are paupers compared to local school superintendents, and all big pensions illustrate why one particular pension reform is long overdue.

The top ten retired Illinois school superintendents are getting annual payments ranging from $321,000 to $384,000. Their lifetime payouts are expected to range from $9.1 to $10.2 million. Those expected payouts are based on published pensionable salaries and life expectancies according to Social Security actuarial tables.

All ten of those superintendents were in their fifties when they retired, except one who was 61. Many go on to take other high salary jobs.

Here’s the kicker: While most of those were superintendents in wealthy, suburban Chicago suburban schools, taxpayers statewide pay those pensions, not the local school districts. That’s because the pensions are from the Teachers Retirement System (TRS), funded mainly by the state, which is now contributing about $6.2 billion per year.

Read on here.

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