12.17.14
For anyone who wants to understand the pension crisis facing the State of Illinois, a recent report for the State’s largest pension fund would be a good place to start.
12.17.14
For anyone who wants to understand the pension crisis facing the State of Illinois, a recent report for the State’s largest pension fund would be a good place to start.
11.25.14
Shortly after a Sangamon County Circuit Court Judge ruled that the pension reform law passed in Illinois almost a year ago violated the State constitution, Attorney General Lisa Madigan announced...
11.06.14
The State of Illinois will need to increase contributions to its pension funds by $682.0 million in the next budget year, according to preliminary amounts released by the State’s five retirement systems.
Total pension contributions required by State law are estimated at $7.5 billion in...
09.04.14
Information included in recent bond disclosures by the State of Illinois indicate that the pension obligation bonds (POBs) sold in 2003 primarily to boost the retirement systems’ assets have earned the minimum investment returns needed to break even in only seven of the last ten years.
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06.26.14
UPDATE: In addition to the Teachers’ Retirement System (TRS), two other large State of Illinois pension funds have also lowered their assumed rates of return on investment.
Both the State Universities Retirement System (SURS) and the State Employees’ Retirement System (SERS) recently...
05.02.14
A settlement agreement on Rhode Island’s pension reform litigation that was presented to pension system members for a vote has been rejected even though most groups overwhelmingly backed it. The vote was structured such that any one group of members could scotch the agreement if more than...
04.04.14
As the legal battle over Illinois’ new pension law continues, courts continue to issue rulings on similar pension changes in other states. Last month, Governor Lincoln D. Chafee, General Treasurer Gina M. Raimondo, and the Federal Mediation and Conciliation Board signed off on a...
03.12.14
Last month, an independent Blue Ribbon Panel convened by the Society of Actuaries released its report with recommendations...
03.03.14
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...
02.06.14
In the fall of 2011, the Rhode Island General Assembly passed and Governor Lincoln Chafee signed landmark pension reform legislation intended to end a pension funding crisis and make retirement obligations for public employees more sustainable for the state and many local governments. To learn...