Illinois pension system

Still No Agreement
8:19 pm
Thu June 21, 2012

Illinois Pension Talks Turn to School Funding Issues

Illinois Governor Pat Quinn
Rich Egger

It's doubtful Illinois' pension crisis will be resolved soon.

Legislative leaders and the governor met Thursday, June 21 to discuss whether the state or local school districts should pay retirement costs for downstate and suburban teachers. The state picks up the tab now, but it doesn't pay for Chicago teachers' retirement benefits.

After the meeting, top lawmakers said they're going to spend five weeks studying school funding equality. Then they'll work on what to do about Illinois' hugely underfunded government pensions.

Read more
Spring Session Ends
11:19 am
Fri June 1, 2012

Illinois Budget Approved; Pension Reform Lingers

The Illinois Capitol building

Illinois lawmakers worked 90 minutes overtime to complete work on the new state budget. But they still have not addressed concerns with the state's pension system.

The Budget

The  Democratic budget imposes cuts throughout state government. But Republicans say the high spending levels mean the temporary income tax increase will have to be made permanent.

Democrats were attacked from within, too.

Democratic Senator Kimberly Lightford railed against what she said is too little money for higher education.

Read more
Smaller Payouts
4:22 pm
Fri April 20, 2012

Illinois Governor Releases Pension Overhaul Plan

Illinois Governor Pat Quinn unveiled a plan to overhaul the pension system for state  employees.

It would force state workers to choose between two  plans, both of which would reduce their benefits.

If  employees voluntarily go along with the governor's proposed changes, they would have to pay more into their retirement plans, work longer before they retire, and face reduced cost-of-living adjustments in retirement.

Read more
Illinois Public Employees
11:40 am
Mon February 20, 2012

Recommendations for Pension System

A study by the University of Illinois Institute of Government and Public Affairs provides some new ideas on what can be done about the state's soaring pension expenses.

Report co-author Jeffrey Brown said it's important to look for savings while at the same time maintaining a retirement package that's competitive.

Read more
Massive Backlog of Bills
7:19 pm
Mon January 30, 2012

Civic Federation Issues Gloomy Budget Forecast for Illinois

Illinois legislators face more bad budget news. 

A report from Chicago's Civic Federation said the massive backlog of unpaid bills is about to get much worse.

Illinois is expected to owe more than $9 billion by this summer. The figure is expected to continue rising and could hit nearly $35 billion within five years.

Civic Federation president Laurence Msall said the state must  act quickly.

Read more

Pages