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Illinois Pensions

Detroit and the Tooth Fairy

Terry Savage | Posted 12.30.2013 | Business
Terry Savage

That's the one good thing you can say about what's going on in Detroit: It will hopefully motivate the politicians, employees and unions everywhere else to face reality and not believe the Tooth Fairy will somehow deposit the cash under their pillows.

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...

Pension Ills Loom As Rahm Unveils New Budget Proposal

Reuters | Posted 01.23.2014 | Chicago

By David Greising and Karen Pierog CHICAGO, Oct 22 (Reuters) - When Mayor Rahm Emanuel delivers Chicago's 2014 budget address on Wedne...

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 ...

My Top Quotes in Illinois

Madison Bondi | Posted 10.28.2013 | Chicago
Madison Bondi

Only at the Illinois State Fair can you find corn dogs, politicians, and a 500-lb cow made of butter, all in the same place. Needless to say, it has been an exciting couple of weeks in Illinois, from our heated income tax debate to more messy Metra news, I don't know where to start!

Hey, Chicago, Whattya Say? Chapter 9 Is on the Way?

Bob Williams | Posted 10.08.2013 | Chicago
Bob Williams

Today, Chicago residents can count on their streetlamps working tonight and the police responding to emergencies in well under an hour. Unless they demand immediate action to address public employee retirement costs, that may not be true tomorrow.

My Top Quotes in Illinois

Madison Bondi | Posted 10.01.2013 | Chicago
Madison Bondi

The pension crisis still has no solution, and as each day passes, the Illinois taxpayers are the ones who pay the piper -- literally. It's cost ‪‎taxpayers‬ $21 billion since 2000, and it's only getting worse.

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 Ally In Metra Patronage Scandal Was Getting Big Pension

Posted 07.26.2013 | Chicago

It turns out the man at the center of the Metra patronage scandal was receiving a sizable city pension at the same time he asked House Speaker Mike Ma...

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 ...

Other states cashing in on Illinois' dysfunction

Reboot Illinois | Posted 09.22.2013 | Politics
Reboot Illinois

An anemic state economy, deadbeat government and lackluster business climate have left some Illinoisans asking themselves, "Could the grass be greene...

Flat income tax? Progressive tax? No state income tax? A nationwide overview

Reboot Illinois | Posted 09.18.2013 | Chicago
Reboot Illinois

The 1970 Illinois constitution states that Illinois' state income tax must be applied with one rate paid by all taxpayers. Illinois is one of nine st...

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 ...

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 ...

Want to change the state constitution? It's not easy -

Reboot Illinois | Posted 09.04.2013 | Chicago
Reboot Illinois

Two proposals to amend the Illinois Constitution have received lots of attention this year. One proposes to eliminate the office of lieutenant governo...

My Top Quotes in Illinois This Week

Madison Bondi | Posted 08.31.2013 | Chicago
Madison Bondi

I took their triumph as a sign of hope for Chicago and the state of Illinois that improvement in an organization, whether it is a hockey team or a government, is possible.

Axelrod: L. Madigan will have problem if M. Madigan stays

Matthew Dietrich | Posted 08.28.2013 | Chicago
Matthew Dietrich

FAMILY AFFAIR Master political strategist David Axelrod says Attorney General Lisa Madigan will have a "genuine problem" if she runs for governor and ...

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 ...

My Top Quotes in Illinois This Week

Madison Bondi | Posted 08.24.2013 | Chicago
Madison Bondi

Starting with the seemingly-endless battle of pension reform in Springfield, to our crumbling public school systems in Chicago; no one can deny that this week in Illinois was brimming with some pretty intriguing sound bites.

Pension Fix Headed To Rare Legislative Conference Committee

Reuters | Posted 08.19.2013 | Chicago

CHICAGO, June 18 (Reuters) - Seeking to break a weeks-long impasse in efforts to fix the state's woefully underfunded pension system, Illinois will ...

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...

Citizens are sounding off, with a vengeance

Reboot Illinois | Posted 08.05.2013 | Chicago
Reboot Illinois

Since legislators ended their spring session Friday night with little significant to show for it other than fracking regulations and the concealed car...

Springfield failure: Who's to blame? IL shrinks on cartoonist Stantis' business map; Rutherford's Mansion plan

Reboot Illinois | Posted 08.03.2013 | Chicago
Reboot Illinois

THE BIG FAIL Who is to blame for last week's epic collapse in the Illinois General Assembly? Certainly there was some ego involved, as the two top Dem...

Two very different approaches to solving Illinois' pension crisis

Reboot Illinois | Posted 07.24.2013 | Chicago
Reboot Illinois

In the final two weeks of the 2013 spring legislative session, lawmakers are weighing two bills that address what is arguably the greatest financial crisis in state history.

Illinois House Should Pass Fair Pension Bill, SB 2404

Michael T. Carrigan | Posted 07.21.2013 | Chicago
Michael T. Carrigan

On a range of issues, our state faces tough problems that can only be solved by stakeholders and elected officials working together. The new pension reform legislation, Senate Bill 2404, shows the way.