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Pension Debt

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

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

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

Hearing Today On Fight Over State Lawmakers’ Pay

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.

09/18/2013

City Hall

Standard & Poor’s Lowers City’s Outlook To ‘Negative’

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.

09/17/2013

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

Quinn Pleased With ‘Positive’ Framework From Pension Committee

Gov. Pat Quinn appears happy about the progress state lawmakers have been making on pension reforms.

08/26/2013

Illinois State Capitol

Lawmaker: Pension Reform Talks ‘Very Delicate,’ But Making Progress

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.

WBBM Newsradio–08/20/2013

Illinois State Capitol

September Hearing Set On Dispute Over Lawmakers’ Salary

“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.

08/06/2013

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

Quinn Suspends Lawmakers’ Pay Over Pension Stalemate

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.

07/10/2013

Illinois State Capitol

Pension Committee Won’t Meet Governor’s Reform Deadline

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.

07/03/2013

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