CBS CHICAGO CARES: Join Us In A Day Of Giving, And Donate To Red Cross Disaster Relief | Call 855-350-2900, Or Text REDCROSS To 90999 To Give $10 | Click Here For More Information

Pension Debt

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

(Credit: CBS)

Council Hiking Chicago Phone Fees To Fund Pension Systems

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.

07/30/2014

City Hall

Labor Unions Plan To File Lawsuit Against City Pension Reform Law

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.

06/10/2014

City Hall

Quinn Signs Legislation For Chicago Pension Overhaul

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.

06/09/2014

Gov. Pat Quinn declared a statewide disaster area on Monday, due to the extreme cold, and heavy snow still clogging many roadways. (Credit: CBS)

Quinn Still Won’t Spell Out His Plans For City Pension Reform Legislation

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.

06/06/2014

City Hall

Quinn, Emanuel Still At Odds Over Pension Reform

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.

04/29/2014

Gov. Pat Quinn (Credit: CBS)

Governor: Extending Income Tax Hike Could Help City Pensions

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.

04/28/2014

Illinois House Of Representatives

House, Senate Approve Chicago Pension Reform Plan

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.

04/08/2014

City Hall

Lawmakers Fear Blame For Chicago Pension Tax Hike

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.

04/04/2014

Ald. Ed Burke (14th)

Emanuel Pension Plan Clears First Hurdle In Springfield

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.

04/02/2014

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 in Springfield

Unions Sue To Block State Pension Reform Plan

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.

01/28/2014

Gov. Pat Quinn (Photo by Streeter Lecka/Getty Images)

Quinn Signs Pension Reform Plan Into Law

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.

12/05/2013

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

Mayor Rahm Emanuel presents his annual budget address at City Hall on Oct. 23, 2013. (Credit: CBS)

Emanuel’s 2014 Budget Speech Includes Warning About Pension Crisis

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.

10/23/2013

Gov. Pat Quinn (Credit: CBS)

Ill. Supreme Court To Hear Appeal On Lawmaker Pay Dispute

Gov. Pat Quinn’s appeal of a ruling that his veto of lawmakers’ pay was unconstitutional will be heard by the Illinois Supreme Court.

10/17/2013

Gov. Pat Quinn (Credit: CBS)

Appeals Court Denies Quinn’s Latest Bid To Block Lawmakers’ Pay

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.

09/27/2013

more