Posts tagged state pension systems
New report puts Act 10 savings at nearly $36B
March 19, 2025 // "Those savings don’t just exist on paper. They have a real impact in the real world," MacIver CEO Annette Olson said. "Thanks to Act 10, today Wisconsin is considered to be one of the most financially responsible states in the country with routine budget surpluses, a robust rainy-day fund, and a fully funded state pension system.” To get to its $35.6 billion savings price tag, MacIver added the $13.8 billion in employee pension contributions since 2012 under Act-10, and the $21.8 billion in total health care savings since 2012 from Milwaukee, Milwaukee County, the DPI and the State Health Insurance Program.
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.