Illinois pension system

Pension Plan Advancing in Illinois

Amanda Vinicky — Wed, 01 May 2013 16:57:50 +0000

The Illinois House is poised to vote Thursday, May 2, on an overhaul of the state's pension systems. It would reduce state workers', teachers', and university employees' future retirement benefits.

The plan easily advanced out of a House committee Wednesday, and there is a feeling in the capitol that after countless attempts to reduce the state's pension debt, this might be the plan that does the trick.

Insiders say it's significant that the plan is sponsored by House Speaker Michael Madigan (D-Chicago), who rarely takes action without having support locked up.

Tax & Pension Policies in Illinois

Rich Egger — Fri, 22 Mar 2013 15:54:33 +0000

Rich Egger’s guest on Emphasis is Ralph Martire, executive director of the Center for Tax and Budget Accountability. He was in Macomb to give a presentation at Western Illinois University.

Proposals and Polls about Pension Reform

Bill Knight — Wed, 20 Mar 2013 16:04:54 +0000

Most Illinois House members recently backed a measure to limit the salary on which public employees’ retirement benefits could be based. One of a few proposals to address the state’s $96 billion pension shortfall, it was seen as a test vote as lawmakers grapple with some way to make good on years of the legislature failing to make its payments.

Pension Plans Advance in Illinois Legislature

Brian Mackey — Thu, 14 Mar 2013 16:03:21 +0000

The Illinois Senate has moved forward with a pair of measures (SB 1 and SB 35) that would strip government workers of some of their pension benefits. The changes would impact state and university employees, as well as downstate and suburban public school teachers.

Illinois to Release More Pension Info

Amanda Vinicky — Tue, 12 Mar 2013 00:38:43 +0000

Illinois will disclose more details about its underfunded pensions systems following an agreement with the Securities and Exchanges Commission.

Retirees to Help Pay for Healthcare

Amanda Vinicky — Tue, 05 Mar 2013 00:29:57 +0000

Retired state workers in Illinois now know how much they will be required to contribute to their health care costs. The details are in the tentative contract agreement between the state and AFSCME.

The pact also will give the state the savings it had already been counting on.

Until now, state and university employees who retired after long government careers had not been required to pay any health care premiums. A new state law changed that, but how much they would pay was subject to contract negotiations, which dragged on for 15 months.

Illinois Pension Reform Plans Go Nowhere Fast

Brian Mackey — Fri, 01 Mar 2013 00:48:58 +0000

It was billed as a "day of pensions" in the Illinois House. But it turned into about a half-hour's worth as Illinois lawmakers continue having a hard time confronting the state's $100 billion problem.

There were four proposals reviewed on February 28, each more harsh than what's been discussed in other pension overhauls.

Illinois House Adjourns Without Vote on Pension Plan

Amanda Vinicky — Tue, 08 Jan 2013 00:11:33 +0000

Over the protests of state employee unions, an Illinois House committee gave bipartisan support to a plan intended to repair Illinois' underfunded pensions. But the full House adjourned Monday without taking a vote.

The legislation would leave workers paying more for a smaller retirement benefit. House Republican leader Tom Cross said the change is necessary given the condition of Illinois' pension systems.

State Workers Propose Illinois Pension Plan

Brian Mackey — Wed, 19 Dec 2012 23:47:34 +0000

State employee unions say the leading proposals to fix Illinois' public employee pension systems are all fatally flawed, so they proposed their own plan.

Workers point out any attempt to plug the $96 billion funding shortfall must respect the state Constitution, which says benefits "shall not be diminished."

The proposals backed by Governor Pat Quinn and other political leaders attempt to get around that in order to cut retirement benefits. But AFSCME Legislative Director Joanna Webb-Gauvin said those ideas will ultimately fail in the courts.

A Cartoon Snake and Illinois Pensions

Rich Egger — Tue, 20 Nov 2012 00:30:55 +0000

Illinois Governor Pat Quinn has finally unveiled his Internet campaign that is supposed to spur legislators to overhaul the state’s retirement systems.

Quinn is trying to use social media to educate voters about the "squeeze" pension costs are putting on other state spending, such as education.