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Pensions

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Rahm’s pension reform: Freeze retiree pay hikes, up retirement age

Mayor Rahm Emanuel addressed the Illinois House Personnel and Pension Committee on May 8 with a plan to reform the City of Chicago’s pension funds. The Mayor’s proposal includes a five-year increase in retirement age and a ten-year…

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Mayor Emanuel Proposes Significant Pension Reform

On Tuesday, May 8, 2012, Mayor Rahm Emanuel offered a plan to reform pensions for employees of the City of Chicago, Chicago Public Schools and Chicago Park District during a hearing of the Illinois House of Representatives Personnel and…

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Governor's Proposed Budget Would Put Illinois Finances on Path to Recovery; First budget since the crisis began to offer real solutions to the State’s problems

(CHICAGO) In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for FY2013. The $57.4 billion budget proposal acknowledges the depth of the State’s…

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State of Illinois FY2013 Recommended Operating and Capital Budgets: Analysis and Recommendations

The Civic Federation supports Governor Pat Quinn’s $57.4 billion FY2013 recommended operating budget, because it acknowledges the depth of the State’s financial problems and would put Illinois finances on the road to recovery with major…

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From Michigan to Illinois to Ohio, teacher pension problems—and changes—fuel political debate

This article compares underfunding of the Michigan Public Employee Retirement System with similar crises affecting other teacher and public-employee pension systems in the Midwest. The Civic Federation spoke about the financial crisis…

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What are the Rhode Island Pension Reforms?

Public officials and opinion leaders in Illinois have expressed much interest in the landmark pension reforms approved in Rhode Island in 2011. Chicago Mayor Rahm Emanuel…

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Largest State Pension Fund Calls for Major Reforms in FY2013

The Teachers’ Retirement System of the State of Illinois (TRS) has concluded that it can no longer rely on the State to follow the law for funding its five retirement systems and that sweeping changes are needed to sustain the pension…

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New Website Could Help Pressure Lawmakers, Employees To Fix Pensions

This segment discusses a new report and website illustrating the magnitude of Cook County’s pension crisis…

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Cook County also faces pension funding gap, new analysis says

This article discusses a report released April 9 by Cook County Commissioner Bridget Gainer that outlines how Cook County’s pension fund will go broke in 26 years without immediate reforms. The Civic Federation applauds Commissioner Gainer…

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Illinois State ‘on Brink of Collapse’

(The full text of this article is available only to the publication's subscribers.) This overview of Illinois’ fiscal challenges focuses on rising costs in the State’s Medicaid program and pension systems. The article cites the Civic…