Public officials and opinion leaders in Illinois have expressed much interest in the landmark pension reforms approved in Rhode Island in 2011. Chicago Mayor Rahm Emanuel remarked recently that Illinois should look at reforms similar to those enacted in Rhode Island. Cook County Commissioner Bridget Gainer named her pension report after Rhode Island General Treasurer Gina Raimondo’s influential analysis of the pension crisis in that state. This begs the question: what exactly did tiny Rhode…
The Teachers’ Retirement System of the State of Illinois (TRS) has concluded that it can no longer rely on the State to follow the law for funding its five retirement systems and that sweeping changes are needed to sustain the pension funds. On March 30, 2012, the TRS Board of Trustees approved a resolution stating that “the fiscal situation of the State has deteriorated to the point that the Board no longer has confidence that the State will be able to meet its existing funding obligations to…
This segment discusses a new report and website illustrating the magnitude of Cook County’s pension crisis and outlining the potential impact of reform proposals. The Civic Federation is encouraged by the attention the pension crisis is receiving, but is concerned that the Illinois General Assembly has yet to consider pension reforms that will make a significant impact for the State and local governments.
This article discusses a report released April 9 by Cook County Commissioner Bridget Gainer that outlines how Cook County’s pension fund will go broke in 26 years without immediate reforms. The Civic Federation applauds Commissioner Gainer’s efforts to address the pension crisis and says that meaningful pension reform will require engagement from the entire County Board and the Illinois General Assembly.
(The full text of this article is available only to the publication's subscribers.) This overview of Illinois’ fiscal challenges focuses on rising costs in the State’s Medicaid program and pension systems. The article cites the Civic Federation’s projection that the State could accumulate nearly $35 billion in unpaid bills by FY2017 without dramatic policy changes.
On February 22, 2012, Governor Pat Quinn presented his administration’s fourth annual budget for the State of Illinois. The Governor’s FY2013 budget address to the General Assembly focused on the difficult financial challenges facing the State and the critical need to reduce Medicaid costs and unfunded pension liabilities. In his speech, the Governor said that the recommended budget for FY2013 reflects the reality that there is no easy way for the State to fix its chronic financial problems.…
This article discusses Governor Quinn’s call to stabilize the State’s pensions and restructure the Medicaid program. The article cites the Civic Federation’s projection that, without action, the State’s unpaid bills could rise to $34.8 billion by the end of FY2017.
In advance of Governor Pat Quinn's budget address on February 22, this op-ed by Civic Federation President Laurence Msall discusses Illinois' damaged fiscal reputation. The piece offers recommendations for stabilizing the State's finances and curbing unsustainable trends in the State's Medicaid and pension systems.
A week before Governor Pat Quinn’s FY2013 budget address, a panel of Illinois State senators met in Chicago to hear testimony on the State’s major budget challenges: rising Medicaid costs and unfunded pension liabilities. The Senate’s two Appropriation Committees held the joint hearing on February 15, 2012. Senator Heather Steans, who chairs one of the committees, said the hearing was intended to prepare members for the release of Governor Quinn’s recommended budget on February 22.…
(CHICAGO) The Civic Federation’s Illinois research institute warns that Illinois could face an unprecedented $34.8 billion backlog of unpaid bills if action is not taken immediately by the Governor and General Assembly to stabilize the State’s finances in FY2013 and beyond. The Federation’s new FY2013 Budget Roadmap analyzes the state’s current fiscal position, reviews Governor Quinn’s three-year budget plan, presents a rough five-year budget projection for FY2013 to FY2017 and provides…
