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.
Chicago public employees and retirees have been descending on Springfield on Wednesday for a rally to protest the state’s new pension reform law.
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.
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.
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.
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.
The mayor also warned aldermen the city his efforts to avoid raising property taxes has been put in jeopardy by the continuing pension crisis in Illinois.
Gov. Pat Quinn’s appeal of a ruling that his veto of lawmakers’ pay was unconstitutional will be heard by the Illinois Supreme Court.
Gov. Pat Quinn lost another round in his bid to block lawmakers’ paychecks until they send him a pension reform plan, when the Illinois Appellate Court denied his request to stop legislators from getting paid.
House Speaker Michael Madigan and Senate President John Cullerton sued after Gov. Pat Quinn used his veto power earlier this summer to cut money for legislators’ salaries from the state budget.
Standard & Poor’s cited Chicago’s $19.4 billion pension crisis, the city’s mountain of debt, and its historic “reluctance to adjust taxes” despite its sweeping home-rule powers and diverse economy.
Gov. Pat Quinn appears happy about the progress state lawmakers have been making on pension reforms.
A leading state lawmaker said a bipartisan pension reform committee has been making progress toward a deal, though not as quickly as they’d like.
“This is going to be a landmark case,” said Gov. Pat Quinn, who used his veto power last month to block lawmakers’ salaries over their failure to reach an agreement on pension reform.
The Governor said there was no reason for lawmakers to go to court to reverse him. They could do it themselves.
One of the state lawmakers whose paychecks are being withheld by Gov. Pat Quinn over the state’s pension stalemate appeared to be about to upstage the governor at a bill signing yesterday.
Seeking to pressure lawmakers into acting on comprehensive pension reform, Gov. Pat Quinn used his budgetary veto powers on Wednesday to suspend legislative salaries until they come up with a plan.
Governor Pat Quinn is making vague threats to lawmakers ahead of Tuesday’s deadline for pension reforms, reports WBBM’s Nancy Harty.
The Governor is holding fast to next Tuesday’s deadline for a pension reform bill; the lawmakers are saying there’s no way they can do it.
After meeting with Gov. Pat Quinn for more than an hour and a half, House Speaker Michael Madigan and Senate President John Cullerton seemed friendly, but not much closer to resolving their differences over pension reform.