\n\t\t\t\tPension costs take a growing share of school funding, driving up property taxes and leaving less for teachers and students.
\n\t\t\t<\/p>\n
Billions of dollars meant for Illinois classrooms never get there. State pension costs have grown so fast they now consume a larger and larger share of the state\u2019s education budget, forcing local taxpayers to make up the difference.<\/p>\n
Between 1996 and 2016, the state increased its contribution to education by $5.4 billion<\/a>, an 87% jump. But 66% of that increase, or $3.6 billion, went to pensions rather than the classroom. During that time, pensions grew from just over 8% of the state\u2019s education spending to more than a third. Property taxes for school districts rose 66% after inflation, much of it to cover costs the state no longer shouldered.<\/p>\n<\/p>\n That squeeze has only tightened in recent years. Pension costs now consume nearly 40%<\/a> of the state\u2019s education spending. Since 2016, general fund payments to the Teachers\u2019 Retirement System grew 68%, while spending on PreK-12 education grew less quickly at 55%<\/a>.<\/p>\n Despite the massive increases in payments, Illinois\u2019 pension crisis is the worst<\/a> in the nation, with the Teachers\u2019 Retirement System funded at just 45.8%<\/a>. The state owes $154.3 billion to retired educators and is $86.3 billion<\/a> short.<\/p>\n The more the state spends on pension debt, the less<\/a> is left to pay teachers, recruit staff and support students. Districts rely heavily on property taxes to close the gap, making Illinois\u2019 property taxes the highest<\/a> in the nation and hitting low-income<\/a> Illinoisans especially hard. The result is a cycle where rising pension costs starve classrooms, leaving schools with fewer resources to address learning gaps or attract good teachers.<\/p>\n Lawmakers must stop signing off on new benefit increases that further jeopardize the stability of Illinois pension systems. They should support a constitutional amendment to allow changes to future, not-yet-accrued benefits.<\/p>\n Redirecting savings from pension reform to property tax relief and school support would help schools invest in students and give teachers the resources they need to succeed.<\/p>\n","protected":false},"excerpt":{"rendered":"
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