Judge Rules City's 2014 Pension Overhaul UnconstitutionalThe overhaul approved by lawmakers sought to eliminate a $9.4 billion unfunded pension liability by cutting benefits and increasing contributions. It would affect about 61,000 city employees and retirees.
Emanuel To Rauner: Stop 'Personalizing' Budget And Pension Fight With MadiganA day after Gov. Bruce Rauner told Illinois House Speaker Michael Madigan to either fall in line with his agenda or pass a tax hike on his own, Mayor Rahm Emanuel is warning Rauner that doing so was a bad move.
Emanuel: City Coming Up With Plan B For Pensions After High Court RulingMayor Rahm Emanuel said officials at City Hall are working on what they can do to shore up the city’s underfunded public employee pension funds, after an Illinois Supreme Court ruling overturned the state’s pension overhaul.
Illinois Supreme Court Tosses State Pension OverhaulThe decree puts new Republican Gov. Bruce Rauner and Democrats who control the General Assembly back at the starting line in trying to figure out how to wrestle down a $111 billion deficit in what's necessary to cover its state employee retirement obligations.
Illinois Justices Press State's Lawyer On Pension OverhaulIllinois Supreme Court justices asked the state's lawyer to explain Wednesday how the government can seek extraordinary power to reduce public pension benefits in the face of a fiscal crisis when the government itself is culpable for the financial mess.
Rauner Calls For Billions In Budget CutsDelivering his first budget address since winning office last fall, Gov. Bruce Rauner said his plan would end "the irresponsible and reckless practices of the past." He said lawmakers must be willing to make politically unpopular decisions to close a more than $6 billion budget hole next year.
Unions Sue To Stop Chicago Pension OverhaulCurrent and retired city workers and their labor unions have filed a lawsuit arguing a law overhauling Chicago's pension systems is unconstitutional. The lawsuit filed Tuesday in Cook County Circuit Court also asks a judge to stop the law from taking effect Jan. 1.
Illinois Supreme Court Allows Speedy Pension AppealThe 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.
Madigan To Appeal Pension Law Ruling To Supreme Court "Shortly"Illinois Attorney General Lisa Madigan said she expects the state's highest court could take up the state's landmark pension overhaul plan by the end of January, now that a lower court judge has ruled it unconstitutional.
Judge Rules Illinois Pension Overhaul UnconstitutionalSangamon County Circuit Judge John Belz ruled Friday in favor of state employees and retirees who sued to block the state's landmark pension overhaul. The state is expected to appeal the ruling directly to the Illinois Supreme Court.
Council Hiking Chicago Phone Fees To Fund Pension SystemsAldermen 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.
Aldermen Back Mayor's Plan To Hike Phone Tax To Fund PensionsMayor Rahm Emanuel said he has lined up enough City Council support to increase the monthly surcharge added to phone bills in Chicago, as part of the effort to address the city’s pension crisis.