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Another brick in the crumbling edifice that is Illinois’ pension system just fell out of place.
New state data analyzed by the Illinois Policy Institute, a nonprofit research organization, sheds light on the state’s generous “Tier 1” pension system.
Last year, 22 retired Illinois government employees received annual pensions exceeding $400,000, according to a Freedom of Information Act request obtained by the Illinois Policy Institute. Following those 22 names are another 32,000 who received annual pensions of $100,000. The revelation comes as Illinois’ government pension debt nears a record $145 billion, the highest ratio in the nation.
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The “Tier 1” pension offers generous benefits – including early retirement eligibility, higher payouts, and compounded annual increases – that many experts have deemed financially unrealistic and unsustainable amid the state’s growing pension liabilities.
The office of Gov. J.B. Pritzker did not immediately respond to FOX Business’ request for comment. The Illinois House and Senate also did not respond to requests for comment.
Visitors walk around Cloud Gate, otherwise known as The Bean, in Millennium Park on June 23, 2024, in Chicago. (Armando L. Sanchez/Chicago Tribune/Tribune News Service via / Getty Images)
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Illinois ranks last among all states in terms of its pension funded ratio – the amount of money it has set aside relative to what it owes retirees.
The fiscal situation places a heavy burden on taxpayers, who also face some of the highest property taxes in the nation. The state’s average effective property tax rate hovers around 2.11%, which is more than double the national average of 1.02%.
