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Pensions

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Illinois Governor Proposes ‘Hard Freeze’ of Pension Benefits

Governor Bruce Rauner’s recommended budget for fiscal year 2016 includes a new plan for reducing the State…

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If voters knew doomsday was coming, would more vote?

This editorial discusses the significant financial challenges the City of Chicago is facing related to unfunded pension liabilities and debt levels. The editorial cites Civic Federation research and discusses recent reforms to the City’s…

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Chicago Pension Reform Litigation on Hold Pending Illinois Supreme Court Ruling

Two lawsuits seeking to overturn a pension reform law for the Chicago Municipal and Laborers’ funds have been put on hold pending…

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Governor Proposes Deep Cuts and New Pension Reforms to Balance FY2016 Budget

In his first budget proposal for the State of Illinois, Governor Bruce Rauner recommended more than $4 billion in spending cuts and $2.2 billion in estimated pension savings to close a projected budget gap of over $6 billion in fiscal…

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Chicagoans’ Pension Obligations Per Capita Rose 199.4% Since 2004

The Civic Federation’s previous blog examined the long-term debt of eight major local governments in northeastern Illinois.This…

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Civic Federation Proposes Five-Year Plan To Stabilize Illinois Budget While Protecting Essential Government Services

In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that responds to the dire reality of Illinois’ financial condition with painful, but necessary…

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State of Illinois FY2016 Budget Roadmap

Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition and proposes a comprehensive…

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Comparing Investment Return Assumptions of Illinois Pension Funds to National Trends

At the end of December, the Illinois Auditor General released the State Actuary’s annual report on the…

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Change in Public Pension Plan Investment Return Assumptions 2001-2013

The Civic Federation and IIFS blogs have written extensively about reductions to assumed rates of return on investment by State and some local public pension plans over the last several years. These changes are part of a nationwide…

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Governor's Budget Projection Shows Consequences of Income Tax Rate Decline

A drop in Illinois’ income tax rates—and uncertainty about the implementation of pension changes—could cause the State’s backlog of unpaid bills to grow to $9.9 billion by the end of the 2016 budget year, according to a new forecast by…