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Illinois Pension Funding

Why 401(k)s Shouldn't Replace Pensions

Michael T. Carrigan | Posted 02.27.2015 | Chicago
Michael T. Carrigan

It's not just basic finance, it's common sense: A large pool of money invested by professionals will yield far greater returns than small, separate accounts managed by individuals with no professional training in finance.

Illinois Pension Overhaul Ruled Unconstitutional

Reuters | Posted 01.21.2015 | Politics

(Adds comment from Illinois Senate president) By Karen Pierog CHICAGO, Nov 21 (Reuters) - A judge ruled on Friday that a...

Report: State's Budget Gap Will Grow Despite Pension Overhaul

Reuters | Posted 03.24.2014 | Chicago

CHICAGO, Jan 21 (Reuters) - A reform package passed late last year will make improvements to Illinois' woefully underfunded public pension system, b...

Teachers Sue In Effort To Block State's Pension Reform Law

Reuters | Posted 02.27.2014 | Chicago

CHICAGO, Dec 27 (Reuters) - A group of teachers and public school officials filed a class-action lawsuit on Friday in state court se...

Report: City's Pension Situation Both Positive And Negative

Reuters | Posted 02.13.2014 | Chicago

CHICAGO, Dec 13 (Reuters) - The passage last week of reforms to Illinois' public pension system could signal that the legislature may soon address C...

Illinois Pension Overhaul Signed Into Law By Governor

AP | SOPHIA TAREEN | Posted 12.05.2013 | Chicago

CHICAGO (AP) — Gov. Pat Quinn has signed landmark legislation Thursday to reform Illinois' massively-underfunded pension system, though the new law ...

Illinois Pols Approve Pension Reform Bill

Reuters | Posted 02.02.2014 | Chicago

SPRINGFIELD, Illinois, Dec 3 (Reuters) - The Illinois House and Senate approved a long-awaited measure on Tuesday to reform the nation's worst-funde...

Lawmakers Convening Special Session On Pension Reform

AP | KERRY LESTER and SARA BURNETT | Posted 12.03.2013 | Chicago

SPRINGFIELD, Ill. (AP) — Illinois lawmakers were poised Tuesday to vote on a plan to solve the state's $100 billion pension crisis — a proposal ma...

Union Leaders Bash Illinois Pension Deal As Details Emerge

Reuters | Posted 01.30.2014 | Chicago

By Tom Polansek CHICAGO, Nov 29 (Reuters) - Illinois union leaders on Friday criticized the details of a controversial deal to reform ...

Illinois Pols Reportedly Reach 'Comprehensive' Pension Deal

Reuters | Posted 01.27.2014 | Chicago

CHICAGO, Nov 27 (Reuters) - Illinois legislative leaders on Wednesday reached a long-elusive deal to reform the state's woefully und...

Teacher Pension Fund's Unfunded Liability Grows

Reuters | Posted 12.26.2013 | Chicago

CHICAGO, Oct 25 (Reuters) - Illinois's Teachers' Retirement System, the state's biggest public pension fund, said on Friday that its unfunded liabil...

Judge: Governor Must Reinstate State Pols' Pay

AP | SARA BURNETT and SOPHIA TAREEN | Posted 11.26.2013 | Chicago

CHICAGO -- A judge ruled Thursday that Illinois Gov. Pat Quinn's decision to halt legislators' pay over the state's unprecedented pension crisis is un...

Totally-Broke State Buys $669,608 Doors For Capitol Building

Posted 09.05.2013 | Chicago

As federal spending watchdogs keep an eye out for $100 hammers, Illinois is getting away with $669,608 doors. That's right: The broke-as-a-joke ...

Pension Reform Panel Zeros In On New Cost Saving Plan

Reuters | Posted 10.24.2013 | Chicago

CHICAGO, Aug 23 (Reuters) - Cost of living increases for pension checks would be tied to inflation under a plan being considered by an Illinois legi...

City's Budget Shortfall Expected To Surge To $1 Billion

Reuters | Posted 10.01.2013 | Chicago

CHICAGO, July 31 (Reuters) - Chicago's preliminary budget gap is expected to fall next year but is on track to nearly triple in 2015 without pension...

Madigan, Cullerton Sue Governor Over Vetoing Lawmakers' Pay

Reuters | Posted 09.29.2013 | Chicago

CHICAGO, July 30 (Reuters) - The Democratic heads of the Illinois House of Representatives and Senate on Tuesday filed a lawsuit challenging Governo...

Topinka: I'm Not Paying Any State Lawmakers Amid Pension Mess

Posted 07.25.2013 | Chicago

Illinois Comptroller Judy Baar Topinka on Thursday said she has no choice but to double down on Gov. Pat Quinn's previous ultimatum that state lawmake...

My Top Quotes in Illinois

Madison Bondi | Posted 07.23.2013 | Chicago
Madison Bondi

The subject of political corruption is nothing new to Illinois, but the recent accusations of patronage against House Speaker Michael Madigan made by ...

My Top Quotes in Illinois

Madison Bondi | Posted 09.16.2013 | Chicago
Madison Bondi

Last week Governor Pat Quinn fulfilled his threat to lawmakers that if they did not come up with a proposed solution to the pension crisis, they will ...

Is The Governor's Move To Freeze Pols' Pay Constitutionall?

Posted 07.11.2013 | Chicago

A day after Illinois Governor Pat Quinn said he would block state lawmakers from being paid in hopes of spurring them into action on pension reform, s...

Gov. Quinn Suspends State Pols' Pay Over Pension Inaction

AP | SARA BURNETT and SOPHIA TAREEN | Posted 09.09.2013 | Chicago

CHICAGO — Gov. Pat Quinn moved to halt Illinois lawmakers' pay Wednesday, following through on his warning of consequences if they failed to com...

Lawmakers Miss Governor's Deadline For Action On Pensions

Reuters | Posted 09.09.2013 | Chicago

CHICAGO, July 9 (Reuters) - Illinois lawmakers on Tuesday missed a deadline set by Governor Pat Quinn to enact pension reform, leaving a bipartisan ...

State Pol: Lawmakers Will Miss July 9 Deadline For Pension Fix

Reuters | Posted 09.03.2013 | Chicago

CHICAGO, July 3 (Reuters) - An Illinois legislative committee charged with devising a compromise plan to rein in the state's huge unfunded public pe...

The Bad Pension News Just Keeps Coming..

Reuters | Posted 08.29.2013 | Chicago

CHICAGO, June 27 (Reuters) - While a legislative committee reopened a debate on how to fix Illinois pensions, a panel of municipal analysts said on ...

Leaders In Conflict Over Pension Reform After Meeting

Reuters | Posted 08.10.2013 | Chicago

By Karen Pierog CHICAGO, June 10 (Reuters) - The Illinois public pension system, the worst funded among U.S. states, will be tackled w...