Pension Crisis

(Photo by Tim Boyle/Getty Images)

Emanuel: City Coming Up With Plan B For Pensions After High Court Ruling

Mayor Rahm Emanuel said officials at City Hall are working on what they can do to shore up the city’s underfunded public employee pension funds, after an Illinois Supreme Court ruling overturned the state’s pension overhaul.

05/11/2015

The Illinois Supreme Court building in Springfield, Ill. (Credit: Illinois.gov)

Illinois Supreme Court Tosses State Pension Overhaul

The decree puts new Republican Gov. Bruce Rauner and Democrats who control the General Assembly back at the starting line in trying to figure out how to wrestle down a $111 billion deficit in what’s necessary to cover its state employee retirement obligations.

05/08/2015

Aldermen Brendan Reilly, Ameya Pawar, and Michele Smith (left to right) roll out two stacks of budget documents and audits as they criticize mayoral candidate Jesus "Chuy" Garcia for not providing specifics for his budget plan. (Credit: Craig Dellimore/WBBM)

Emanuel Allies: Garcia Budget Plan As Real As ‘Leprechauns And Unicorns’

At a City Hall press conference, City Clerk Susana Mendoza and three aldermen who back the mayor rolled out a couple of hand trucks of budget books and audits they claim mayoral challenger Jesus “Chuy” Garcia could use to craft his budget plans.

03/19/2015

Mayoral candidate Jesus "Chuy" Garcia outlines part of his budget plan for the city, with less than a month until the runoff election against Mayor Rahm Emanuel. (Credit: CBS)

Garcia Gives Some Details On Budget Plan, Still Mum On Revenue

Saying the city is teetering on a financial cliff, mayoral candidate Jesus “Chuy” Garcia on Friday outlined the first specifics of his budget plans, though he remained vague on key details.

03/13/2015

The Illinois Supreme Court building in Springfield, Ill. (Credit: Illinois.gov)

Illinois Justices Press State’s Lawyer On Pension Overhaul

Illinois Supreme Court justices asked the state’s lawyer to explain Wednesday how the government can seek extraordinary power to reduce public pension benefits in the face of a fiscal crisis when the government itself is culpable for the financial mess.

03/11/2015

Gov. Bruce Rauner outlines his agenda after being sworn into office on Jan. 12, 2015, in Springfield, Illinois. Rauner is the first Republican governor in Illinois since 2003. (Credit: CBS)

Rauner Set To Lay Out His Solutions For Illinois’ Challenges

The Republican’s first State of the State address, scheduled for noon Wednesday before the General Assembly in Springfield, comes as some state agencies and programs already are running out of money this year and with Illinois facing an even greater budget gap next year.

02/04/2015

Mayor Rahm Emanuel, William "Dock" Walls, Willie Wilson, Bob Fioretti, Jesus "Chuy" Garcia

Emanuel, Rivals Spar Over Budget, Pensions At Second Debate

Mayor Rahm Emanuel and his challengers addressed the city’s budget and crippling pension debt in their second formal debate on Friday, and the mayor left the door open just a tiny bit on a possible property tax hike.

01/30/2015

(Photo by Tim Boyle/Getty Images)

Unions Sue To Stop Chicago Pension Overhaul

Current and retired city workers and their labor unions have filed a lawsuit arguing a law overhauling Chicago’s pension systems is unconstitutional. The lawsuit filed Tuesday in Cook County Circuit Court also asks a judge to stop the law from taking effect Jan. 1.

12/16/2014

The Illinois Supreme Court building in Springfield, Ill. (Credit: Illinois.gov)

Illinois Supreme Court Allows Speedy Pension Appeal

The case involves the pension fix lawmakers and Gov. Pat Quinn adopted last year. The law cut retirement benefits and made other changes to help fill a $111 billion deficit in five state pensions systems caused by years of state underfunding.

12/11/2014

The Illinois Supreme Court building in Springfield, Ill. (Credit: Illinois.gov)

Madigan To Appeal Pension Law Ruling To Supreme Court “Shortly”

Illinois Attorney General Lisa Madigan said she expects the state’s highest court could take up the state’s landmark pension overhaul plan by the end of January, now that a lower court judge has ruled it unconstitutional.

11/24/2014

Illinois State Capitol

Judge Rules Illinois Pension Overhaul Unconstitutional

Sangamon County Circuit Judge John Belz ruled Friday in favor of state employees and retirees who sued to block the state’s landmark pension overhaul. The state is expected to appeal the ruling directly to the Illinois Supreme Court.

11/21/2014

Better Government Association logo. (Credit: BGA)

BGA: Suburban Police, Fire Pension Fund Shortfalls Total $3.3 Billion

Police and fire departments across suburban Cook County might be in line for some budget cuts, as huge pension problems loom, according to a report from a government watchdog.

08/06/2014

City Hall

Aldermen Back Mayor’s Plan To Hike Phone Tax To Fund Pensions

Mayor Rahm Emanuel said he has lined up enough City Council support to increase the monthly surcharge added to phone bills in Chicago, as part of the effort to address the city’s pension crisis.

06/26/2014

Mayor Rahm Emanuel. (Credit: Craig Dellimore/WBBM Newsradio)

Mayor Urges Governor To Sign Chicago Pension Reform Plan

Mayor Rahm Emanuel essentially told Gov. Pat Quinn on Thursday, “I scratched your back, now you scratch mine,” when it comes to pension reform, amid signs the governor might veto or significantly alter legislation to reform two city pension funds.

05/15/2014

City Hall

Mayor To Seek $250 Million Property Tax Hike To Address Pension Debt

Mayor Rahm Emanuel has proposed raising property taxes by $250 million over five years as part of a pension reform plan that also would require city workers to pay more toward their pensions.

04/01/2014

Illinois State Capitol

Chicago Workers, Retirees Head To Springfield To Protest Pension Reform

Chicago public employees and retirees have been descending on Springfield on Wednesday for a rally to protest the state’s new pension reform law.

02/19/2014

Illinois State Capitol

Illinois Lawmakers OK Pension Reform Plan

The Illinois Legislature approved a historic plan Tuesday to eliminate the state’s $100 billion pension shortfall, a vote that proponents described as critical to repairing the state’s deeply troubled finances but that faces the immediate threat of a legal challenge from labor unions.

12/03/2013

Illinois State Capitol

Lawmakers Get Details Of Pension Reform Plan; Could Vote Tuesday

Illinois’ legislative leaders briefed other lawmakers Friday on details of a breakthrough agreement for solving the state’s $100 billion pension crisis, leaving them four days to study the plan before facing a vote that could be crucial for the state’s financial condition and their own re-election plans.

11/29/2013

Illinois State Capitol

Legislative Leaders Reach Deal On Pension Reform

After more than five months of work, Illinois’ legislative leaders announced Wednesday they’ve reached a deal to help solve the state’s $100 billion pension problem, considered the nation’s worst.

11/27/2013

Gov. Pat Quinn (Credit: CBS)

Quinn: Veto Session Valuable To ‘Lay Foundation’ For Key Issues

Gov. Pat Quinn says he’s not discouraged that lawmakers came away from two days of their fall veto session without tackling any of the major issues on their agenda.

10/24/2013

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