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.
More than two dozen mayors and village presidents from Chicago’s suburbs and downstate are warning Illinois lawmakers not to forget that they are undergoing a police and fire pension crisis of their own.
The University of Illinois was warning state lawmakers of a problem with a pension reform plan that the school fears will trigger a crippling “brain drain” as faculty members consider retiring this summer.
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.
Mayor Rahm Emanuel says he’s working hard to get state lawmakers to approve the pension deal that seems to have stalled in Springfield last week.
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.
Gov. Pat Quinn focused on ways to create jobs and trumpeted his accomplishments with election-year flair Wednesday in an annual speech that fell on the five-year anniversary of when lawmakers booted his predecessor, now imprisoned ex-Gov. Rod Blagojevich, from office.
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 long-anticipated legal challenge comes less than a month after Gov. Pat Quinn signed the so-called pension reform 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.
Now that state lawmakers have taken the tough step of passing state pension reform, what does it mean for Chicago? CBS 2’s Dana Kozlov explains.
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.
Gov. Pat Quinn says he’s not discouraged that lawmakers came away from two days of their fall veto session without tackling any of the major issues on their agenda.
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.