Illinois still has one of the worst funded pension systems in the nation. But reform efforts seem to be at a standstill until the Illinois Supreme Court rules on the constitutionality of a pension bill passed last year. The court is scheduled to hear arguments in March.
A Sangamon County judge tossed lawmakers' much touted pension reform law saying it's unconstitutional. Now it heads to the Illinois Supreme Court. What does this mean for pensioners and for Illinois, which has the worst bond rating in the nation and faces a $105 billion unfunded public employee pension liability?
Illinois has lost the first round in its attempt to uphold recently enacted changes to the state’s pension law. Sangamon County Court Judge John Belz has found that the pension reform law is unconstitutional and “void in its entirety.”
Illinois leaders are reacting today to a state Supreme Court ruling that could spell doom for state and city pension fixes. In a 6-1 decision, the court in a separate case deemed cuts to public retiree health benefits unconstitutional.
Quinn Signs Chicago Pension Law; Property Taxe Hike Off-table
After a long wait, the Governor today finally signed the bill into law that reforms two of the city's underfunded pension systems. The governor urged City Council to avoid using property tax hikes to fund the new law, and the mayor responded by taking property tax hikes off the table in the first year of the new law.
A credit rating agency warns of trouble ahead for Illinois because of its failure to extend the income tax hike.
A plan to rescue the pension system of Cook County workers could be on the fast track in pension-weary Springfield. So much so that County Board President Toni Preckwinkle is putting her reputation on the line to lobby state lawmakers and the governor to get it done in the waning days of the general assembly spring session. Will it happen?
A Cook County pension reform bill may be headed to Springfield. County officials say they are nearing a deal to solve the county's pension problem. Will it mean higher property taxes as well?
The recently passed pension reform deal paves the way for big property tax increases. But will aldermen be able to stomach the vote to raise them, or will they defy Mayor Rahm Emanuel and scuttle his pension reform deal? We talk with Ald. John Arena (45th), Ald. Will Burns (4th), and Ald. George Cardenas (12th).
Pension Reform Lawsuit
We share what you had to say about a recent pension reform lawsuit in tonight's viewer feedback.
Pension reform passed the Illinois House and Senate today. Read official statements from politicians and policy institutes.