The City of Springfield tops the list of worst-funded municipal pension systems, according to the Illinois Policy Institute.
A press release from the nonpartisan think tank says researchers studied pension funds outside of the city of Chicago and Springfield was top of the list as scoring the worst and claims “every last penny” the city brings in through property taxes goes towards pensions for city workers.
The report also claims that city residents pay four times more for city pensions that government employees do.
Ward 7 Alderman Joe McMenamin says the report should be a wake up call to the city.
The Illinois Policy Institute is set to share details of the report to aldermen Tuesday evening.
View the report at the Illinois Policy Institutes website here.