12.22.11
In the past two years, nine states have passed laws to reduce automatic annual increases in pension benefits for current retirees. The latest example is Rhode Island , which in November 2011 enacted legislation to suspend...
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12.08.11
One of the greatest challenges facing the State of Illinois as it struggles to balance its annual operating budget is the continued growth in pension-related costs.
As previously discussed here , the...
11.21.11
The State of Illinois’ statutorily required contributions to its five retirement systems will be $535.0 million higher than expected in FY2013, partly due to the impact of a pension reform law enacted in 2010.
Required FY2013 state contributions to the five systems had been...
11.11.11
The Civic Federation's legislative priorities for 2012 include public pension reform, requiring the State of Illinois to develop and implement a capital improvement plan, dissolving the Illinois...
10.27.11
The Illinois General Assembly is expected to take up a host of budget-related bills during its veto session, which opened on October 25, 2011.
During the veto session , the General Assembly considers bills vetoed by the...
10.20.11
Faced with mounting pension costs, the State of Illinois and a number of other states are considering moving away from traditional pension plans.
In traditional pension plans, formally called...
09.26.11
This report examines the State of Illinois’ operating and capital budgets as enacted for Fiscal Year 2012, which began on July 1, 2011 and ends on June 30, 2012. Despite a major income tax...
05.09.11
The Civic Federation opposes Governor Pat Quinn’s $52.7 billion FY2012 recommended operating budget for the State of Illinois because it is unbalanced by approximately $2.4 billion and is...
04.28.11
The Pew Center on the States recently released its report card on the health of state pension systems. Just as they were last year, the funding status of Illinois’ pension systems is the...
03.24.11
After three years of increasing budget deficits, the State of Illinois is expected to see a smaller budget gap at the end of FY2011 because of tax increases and expanded borrowing for operations.
The FY2011 year-end deficit is currently projected to total $4.4 billion, according to Civic...