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Illinois Pensions

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.

Senate To Take Up Union-Backed Pension Reform Bill

Reuters | Posted 07.07.2013 | Chicago

CHICAGO, May 6 (Reuters) - A union-backed plan to reform the worst-funded state pension system in the United States will be introduced in the Illino...

Nonprofits Need Solutions to Illinois' Budget Crisis

Valerie S. Lies | Posted 07.02.2013 | Chicago
Valerie S. Lies

It's no secret the State of Illinois faces an enormous budget crisis. Vital services across the state are being squeezed out to pay for past-due obligations to pension plans and debt service.

Pension Reform Plans Emerge, Compete In State Legislature

Reuters | Posted 07.02.2013 | Chicago

By Karen Pierog CHICAGO, May 1 (Reuters) - The Illinois Senate president and labor leaders on Wednesday began pushing a new plan to re...

Madigan Pitches Fix For Country's Worst-Funded State Pension System

Reuters | Posted 06.30.2013 | Chicago

By Karen Pierog CHICAGO, April 30 (Reuters) - Illinois House Speaker Michael Madigan on Tuesday proposed a comprehensive plan to fix t...

Pension Fix Faces Political, Legal Hurdles

Reuters | Posted 06.08.2013 | Chicago

By Karen Pierog CHICAGO, April 7 (Reuters) - Illinois lawmakers begin a two-month push on Monday to enact major pension reform, under ...

Illinois House OKs Major Pension Reform Bill

Reuters | Posted 05.22.2013 | Chicago

By Joanne von Alroth SPRINGFIELD, Ill. March 21 (Reuters) - The Illinois House on Thursday voted to drastically limit ...

State Senate OKs Another Small Pension Reform Piece

Reuters | Posted 05.21.2013 | Chicago

SPRINGFIELD, Ill., March 20 (Reuters) - The Illinois Senate passed another small piece of pension reform on Wednesday with a measure aimed at squeez...

House Takes Baby Steps To Rein In Public Pension Costs

Reuters | Posted 05.15.2013 | Chicago

SPRINGFIELD, Ill., March 14 (Reuters) - The Illinois House of Representatives continued its piecemeal approach to reforming the state's sagging publ...

State Settles SEC Fraud Charge Over Pension Funding

AP | JOHN O'CONNOR | Posted 05.11.2013 | Chicago

SPRINGFIELD, Ill. — Federal authorities announced Monday that Illinois has agreed to settle a securities-fraud charge that accused the state of ...

State's Elderly Home Care Program Almost Out Of Money

Reuters | Posted 05.09.2013 | Chicago

By James B. Kelleher CHICAGO, March 8 (Reuters) - Illinois warned that it will run out of money next week to pay for a program that al...

State House OKs Pension Payment Cap, Avoids Bigger Reforms

Reuters | Posted 05.08.2013 | Chicago

By Renita Young SPRINGFIELD, Ill., March 7 (Reuters) - The Illinois House of Representatives on Thursday took the firs...

Gov. Quinn Unveils His 'Most Difficult' State Budget Ever

Posted 03.06.2013 | Chicago

Updated story Illinois Gov. Pat Quinn Wednesday at noon began his annual budget address, offering a preview of his proposed 2014 budget for the fin...

Illinois House Votes Down Madigan's Pension Reform Plan

Reuters | Posted 05.01.2013 | Chicago

By Joanne von Alroth SPRINGFIELD, Ill., Feb 28 (Reuters) - The Illinois House of Representatives on Thursday dealt a s...

Report: Illinois' Unpaid Bills Could Hit $21.7 Billion In 5 Years

Reuters | Posted 04.27.2013 | Chicago

CHICAGO, Feb 25 (Reuters) - Illinois' pile of overdue bills could nearly triple to $21.7 billion in five years unless the state takes action to curb...

Lawmaker: Make Income Tax Hike Permanent As Part Of Pension Fix

Reuters | Posted 04.23.2013 | Chicago

By Joanne von Alroth SPRINGFIELD, Ill., Feb 20 (Reuters) - An Illinois lawmaker proposed on Wednesday making a personal income tax inc...

Gov. Quinn Urges Action, Offers No Plan On Pension Fix

Reuters | Posted 04.08.2013 | Chicago

By Joanne von Alroth SPRINGFIELD, Ill., Feb 6 (Reuters) - Governor Pat Quinn said on Wednesday that Illinois is at a "...

State Of The State's Pensions? 'Horribly Embarrassing'

Reuters | Posted 04.08.2013 | Chicago

By Karen Pierog CHICAGO, Feb 5 (Reuters) - Illinois Governor Pat Quinn, already the most unpopular governor in the nation, has his wor...

In Illinois, 'Squeezing' Retirees Is Also Shortchanging Its Youth

Sylvia Puente | Posted 04.06.2013 | Chicago
Sylvia Puente

A solution to this mess will not be found in the proverbial robbing of Peter to pay Paul: Reneging on pension promises made to our civil servants -- retired teachers among their ranks -- is not an acceptable or sustainable way to fulfill our educational funding imperatives.

Illinois Now Has The Worst Credit Rating In The Nation

AP | SARA BURNETT | Posted 01.26.2013 | Chicago

CHICAGO -- Illinois' already disastrous financial situation worsened Friday as another credit rating agency downgraded its rating to the worst of any ...

Illinois House Adjourns Without Vote On Pension Reform Bill

AP | JOHN O'CONNOR and SARA BURNETT | Posted 03.10.2013 | Chicago

SPRINGFIELD, Ill. — Illinois lawmakers abruptly adjourned a lame-duck legislative session Tuesday without agreement on how to fix the nation's m...

State Lawmakers Pursue Deal To Fix Pension Crisis

Reuters | Posted 03.03.2013 | Chicago

By Karen Pierog CHICAGO, Dec 31 (Reuters) - Illinois lawmakers on Wednesday resume efforts to fix the state's woefully underfunded sta...

Illinois Dragging Its Feet On Worst-In-Nation Pension Crisis

AP | SARA BURNETT | Posted 12.30.2012 | Chicago

CHICAGO -- Illinois, a state with a reputation for political wheeling and dealing, backroom handshakes and 11th-hour bargains, is dragging its feet on...

State's Worst-In-Nation Credit Outlook Lowered Again

Reuters | Posted 02.13.2013 | Chicago

CHICAGO, Dec 13 (Reuters) - Illinois' public pension funding problems, likely to persist if not worsen, led Moody's Investors Ser...

State Lawmakers Unveil New Pension Fix Plan

Reuters | Posted 02.04.2013 | Chicago

By Joanne von Alroth SPRINGFIELD, Ill, Dec 5 (Reuters) - A bipartisan group of Illinois lawmakers on Wednesday unveiled a plan to fix ...