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.
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.
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.
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.
A meeting between Gov. Pat Quinn and the state’s four legislative leaders ended Friday afternoon without much progress towards pension reform, and it appears next week’s special session won’t bring a solution.
House Speaker Michael Madigan has taken steps to replace Senate President John Cullerton’s pension reform plan with his own plan, even though the speaker’s plan was soundly defeated in the Senate last month.
Illinois House Republican Leader Tom Cross said Wednesday that he believes there’s an ulterior motive behind the ongoing pension reform standoff between House Speaker Michael Madigan and Senate President John Cullerton.
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.
Illinois House Speaker Michael Madigan might not be in touch with Gov. Pat Quinn, but there might be some behind-the-scenes work ahead to resolve the state’s pension reform impasse before a special session of the General Assembly on June 19.
Gov. Pat Quinn has called for a special session of the Illinois General Assembly in two weeks, after the state’s credit rating was downgraded again over lawmakers’ failure to approve comprehensive pension reforms.