Posts tagged pension reform

    Research ● Labor Unions

    Illinois needs responsible Tier 2 pension reform

    November 22, 2024 // Illinois is at risk of getting in costly trouble with the federal government over its Tier 2 public employee retirement benefits. Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse. Illinois’ public pension problems are facing a new threat impacting the newer hires covered under the more modest “Tier 2” retirement benefits: the state can either add $280 million a year into their plans or face the feds demanding over $856 million a year.

    AFSCME federal law Illinois Illinois General Assembly insolvency IRS pension crisis pension reform private-sector workers Public Sector Workers retirement benefits Robert Martwick Safe Harbor Social Security state pension systems Stephanie Kifowit Tier 2 retirement benefits

    Op-ed / Commentary ● Unions

    Opinion: President Biden Helping Unions Undermine California’s Public Pension Reform

    December 21, 2021 // With PEPRA, as public employees retire and are replaced by new hires with redefined benefits, the gap between what the pension system has in assets and what it needs to pay out in future decades will narrow.

    California Public Employees’ Pension Reform Act CalMatters DOL Gavin Newsom K-12 LCFF Local Control Funding Formula Marty Walsh Pension pension reform PEPRA President Biden public employee unions Union unions

    Blog ● Unions

    What unions aren’t telling Illinois teachers: Your pension is in trouble

    November 1, 2021 // Barring reforms, the Teachers’ Retirement System could eventually run out of money and be unable to pay promised benefits to retirees, all while making it more expensive for teachers to live in Illinois.

    government employees IEA Illinois Illinois Education Association layoffs Pension pension reform Public Employees public pension crisis Retirement teachers Teachers’ Retirement System Transparency TSR unions