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.
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.
Aldermen have approved a plan to hike the city’s monthly 911 surcharge on phone bills by 56 percent to help shore up the city’s pension funds, and avoid a property tax hike before next year’s elections.
Labor leaders were planning to go to court to block legislation cutting pension benefits and raising the retirement ages for many city workers, and opening the door for a property tax hike to help pay the city’s share of employee pension costs.
It’s deadline day for Gov. Pat Quinn. He has until midnight to decide how to act on legislation to overhaul some of Chicago’s underfunded employee pension systems.
A plan to overhaul some of Chicago’s underfunded employee pension systems could spell a long weekend for Gov. Pat Quinn, who has until Monday to decide what to do with the legislation on his desk.
Gov. Pat Quinn’s offer to give cities a bigger cut of income tax revenues to help with pension debts without raising property taxes met with a lukewarm reception from the Emanuel administration.
Municipalities statewide have pushed for legislative help for underfunded pensions. Mayors say costs have risen, pension obligations are crowding out spending for other services and raising property taxes may be the answer. Quinn’s against raising property taxes.
The legislation sponsored by House Speaker Michael Madigan overcame earlier resistance after the Chicago Democrat removed language mentioning the tax increase. Opponents feared they’d be blamed for a Chicago tax increase.
A fast-tracked plan to overhaul two Chicago city-pension programs slowed in the Illinois House Thursday, as nervous lawmakers said they fear backlash for a massive property-tax increase even if they don’t directly approve it.
Mayor Rahm Emanuel’s plan to reform two underfunded employee pension systems quickly took its first step toward approval in the Illinois General Assembly on Wednesday.
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 lawsuit, which follows others already filed by retirees, argues the pension bill approved by the Legislature and signed by Gov. Pat Quinn more than a month ago violates a clause of the state constitution that says pension benefits may not be cut.
The overhaul, approved by the General Assembly this week after years of delay and inaction, cuts benefits for most employees and retirees. It has a June 1 effective date, but could be delayed by the legal challenges.
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.
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.