This Tribune editorial discusses the continued inaction of Illinois legislators on pension reform in the wake of August 17th’s fruitless special legislative session. The editorial cites an estimate from the Civic Federation’s 2010 Cost of the Crisis report that the State’s higher interest rate costs taxpayers an extra $551 million a year. The Civic Federation said every day of delay in the pension debate will make solutions more painful.
This article covers the release of the Civic Federation’s Analysis of Chicago Public Schools (CPS) FY2013 proposed budget. The Civic Federation opposes the CPS budget for the first time since 2007, because it drains General Fund reserves and leaves the District with no identifiable plan for addressing its devastating financial reality, which in FY2014 will include a projected $1.0 billion deficit and a $338.2 increase in pension contribution payments.
The Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion FY2013 operating budget which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Board of Education to reject the proposed budget in favor of a financially responsible plan that takes into account current and future liabilities. Draining all the General Fund reserves…
As public pension liabilities around the nation continue to grow, public officials and pension fund boards are looking into alternatives to traditional defined benefit (DB) pension plans. Two kinds of “hybrid” retirement plans have achieved particular prominence in the past year: plans that combine a smaller DB plan with a supplemental 401(k)-style plan, known as “DB+DC”[1] and cash balance (CB) plans. Pension reform legislation considered by the Illinois General Assembly during the spring…
This week the Civic Federation released its annual Status of Local Pension Funding report. This report reviews fiscal year 2010 actuarial valuation reports and financial statements of the retirement funds.[1] The purpose of this report is to compile and analyze basic financial data on ten major local government employee pension funds in the Chicago area.[2] It is intended to provide policymakers, pension trustees, pension fund members and taxpayers with information they need to make informed…
The Illinois International Port District has requested an audit of its operations along and has commissioned a “strategic and capital needs study.” A 2008 Civic Federation report called for dissolution and restructuring of the District after finding that its primary focus had shifted from port operations to the management of a golf course.
Civic Federation President Laurence Msall joined State Senators Matt Murphy and Michael Noland to discuss solutions for the City and State pension crises. The Civic Federation’s June 25th report on local pensions found that the ten Chicago-area public employee pension funds had a funding level of 56.2% in FY2010, down from 88.0% in FY2001.
This article highlights key facts from the Civic Federation’s Status of Local Pension Funding FY2010 report that was released on June 25. The report found that the ten Chicago-area public employee pension funds had an aggregate funding deficit of $27.4 billion in FY2010, up from a $4.6 billion deficit in FY2001. The Civic Federation emphasized the urgent need for pension reform efforts in Springfield.
This article covers the Civic Federation’s Status of Local Pension Funding FY2010 report that was released on June 25. The report examines the sharp financial decline of ten Chicago-area public employee pension funds over the last decade, due in large part to inadequate employer contributions. The Civic Federation said that the need for reform will continue to escalate until Illinois and local lawmakers reach consensus on a plan that offers security to public employees and affordability to…
(CHICAGO) A Civic Federation report released today examines the sharp financial decline of Chicago-area public employee pension funds and emphasizes the urgency of pension reform efforts in Springfield. The ten funds analyzed in the report had an aggregate funding deficit of $27.4 billion in fiscal year 2010, up from a $4.6 billion deficit in FY2001. “What was a $4.6 billion problem ten years ago is now a $27.4 billion problem for public pension funds in the Chicago region,” said Civic…
