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Pensions

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New report shows Illinois’ finances could go from bad to worse

This article covers the Civic Federation’s FY2014 State of Illinois Roadmap, released February 25. The report projects a $22 billion backlog of unpaid bills by…

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Illinois' Unpaid Bill Backlog Projected to Reach $22 Billion by FY2018

State urgently needs long-term plan to address rising pension and Medicaid costs, loss of income tax revenues (CHICAGO) – An analysis released today by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability shows the State…

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State of Illinois FY2014 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. The FY2014 Roadmap includes a…

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New IL plan has local taxpayers picking up state-pension tab

This article discusses pension reform legislation introduced by State Representative Lou Lang. The…

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Emanuel Reaches Deal With Police Union to Fix Pensions

This article discusses a contract agreement reached between the City of Chicago and the Chicago Police Sergeants’ Association. The agreement increases employee pension contributions and the retirement age while reducing automatic annual…

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State of Illinois' record of shorting pensions goes back decades

This article chronicles the underfunding of Illinois’ pension systems from warnings by a Pension Laws Commission of inadequate State contributions in 1959 to the present day pension funding level of only 39 percent. The Civic Federation…

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Preckwinkle gives unions 30 days to reach pension deal

This article discusses Cook County Board President Toni Preckwinkle’s request that County officials and workers unions reach consensus within 30 days on a pension reform proposal to submit to the Illinois General Assembly. The Civic…

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Governor of Illinois Tells Legislators Pension Costs Put State at ‘Critical Juncture’

This article discusses Illinois Governor Pat Quinn’s February 6 State of the State address where he repeated his call for legislators to make pension reform an immediate priority. The Civic Federation said the State’s pension crisis…

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Illinois lawmakers fall into pensions gap

(The full content of this article is only avalible to the publication's subscribers.) This article discusses the Illinois legislature’s inaction on the State’s $96 billion unfunded pension liability and examines the health of pension funds…

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Pension Crisis Looms over new Illinois General Assembly

This article covers the inauguration of the Illinois 98th General Assembly and the ongoing challenges they face, including the State’s critical unfunded pension liability. The Civic Federation said the State’s pension costs continue to…