10.02.13
This analysis of the State of Illinois’ Fiscal Year 2014 Enacted Budget finds that the budget may represent a high-water mark, with future years bringing sharp reductions in revenues and...
10.02.13
This analysis of the State of Illinois’ Fiscal Year 2014 Enacted Budget finds that the budget may represent a high-water mark, with future years bringing sharp reductions in revenues and...
09.13.13
Over the years, Illinois’ poorly funded retirement systems have put an enormous strain on the State’s budget. At times, the State has chosen to simply avoid the burden by making smaller contributions to the pension funds than required under a 1995 pension funding law.
As part of the $54...
07.10.13
Charged with finding a solution to the State of Illinois’ pension crisis, a legislative conference committee is considering a reform framework proposed by public university presidents.
The central feature of the university...
07.05.13
Amidst a flurry of reports on the State of Illinois’ inability to solve its ongoing pension crisis and...
06.06.13
Less than a week after the Illinois General Assembly adjourned its regular spring session without approving reform of the State’s underfunded retirement systems, two of the three major rating agencies have downgraded the State’s bond ratings. Both Fitch Ratings and Moody’s...
05.30.13
As the Illinois General Assembly approached its scheduled adjournment date of May 31, 2013, the State’s pension systems produced new reports estimating the financial impact of proposed pension legislation.
The reports by the retirement systems’ actuaries concern two bills...
05.13.13
The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward...
05.09.13
A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16.
Senate President Cullerton believes that Senate Bill 2404 is a...
05.01.13
UPDATE:
On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required contribution in FY2015 by $1.5 billion...
03.21.13
On March 20, 2013, the Illinois Senate rejected a proposal designed to significantly reduce the State's burdensome pension costs but approved a narrower measure that applies only to active teachers outside of the City of Chicago.
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