June 5, 2014 - 4:55pm


June 5, 2014

State statute governs all benefits and funding of public pensions for the City of Chicago. The City cannot contribute more to its pensions than the multiple of employee contributions allowed under state statute. There has unfortunately been some confusion in the media on this point ahead of a Monday, June 9th deadline for Governor Quinn to sign into law pension reforms for the City of Chicago’s Municipal and Laborers’ Funds.


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June 5, 2014 - 4:02pm


June 5, 2014

A week after the Illinois General Assembly ended its spring session, legislative leaders circulated new information about the FY2015 spending plan approved by lawmakers.


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May 30, 2014

Reuters

Reuters
May 30, 2014

This article discusses Illinois’ FY2015 budget approved by State Legislators last week, which fails to provide adequate funding for a full year despite borrowing for operations and shifting revenue from FY2014. The Civic Federation said the budget is an example of the same fiscal irresponsibility that led to the State’s backlog of unpaid bills and dismal credit ratings.

May 29, 2014 - 2:16pm


May 29, 2014

UPDATE: Illinois General Assembly Passes FY2015 Budget

On May 30, 2014, a day before the end of the Illinois General Assembly’s regular spring session, the Senate passed the FY2015 budget previously approved by the House.


We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.

May 28, 2014 - 3:50pm


May 28, 2014

On May 28, 2014, The Civic Federation sent this letter to Representitive Elaine Nekritz and the members of the House Personnel and Pensions Committee in advance of a 4 p.m. hearing on House Bill 1154. The Civic Federation commends Cook County Board President Toni Preckwinkle, Cook County Commissioner Bridget Gainer and Cook County Chief Financial Officer Ivan Samstein for their work to assemble a comprehensive reform framework to address Cook County and the Forest Preserve District’s pension crisis.


Dear Representative Nekritz and members of the House Personnel and Pensions Committee:


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May 27, 2014

Chicago Sun-Times

Chicago Sun-Times
May 27, 2014

This op-ed by Reboot Illinois Chief Operating Officer Madeleine Doubek warns that the potential property tax increase associated with reforms for two of Chicago’s four pension funds is just one example of several local underfunded pension funds that could require additional revenue from increased property taxes. The Civic Federation said the problem is not unique to Chicago—communities across the state are taking full advantage of their property tax levies for pensions and are still struggling to achieve adequate funding levels.

May 27, 2014

Chicago Sun-Times

Chicago Sun-Times
May 27, 2014

This article covers the Cook County pension reform legislation that passed the Illinois Senate May 27 and is awaiting a vote in the House. The Civic Federation said the proposal is a step in the right direction for the fund that is currently on track to be insolvent by 2038, but the plan lacks a full public actuarial analysis and it is unclear how the County will cover its increased contribution.

May 23, 2014 - 8:47am


May 23, 2014

The capital budget proposed by Governor Pat Quinn for FY2015 represents the sixth year of the Illinois Jobs Now! capital spending program and the first year since its inception that new bond-funded projects are not included in the recommendation.


We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.

May 21, 2014 - 4:56pm


May 21, 2014

Chicago and Cook County residents who followed the pension debate at the State of Illinois might be surprised by the fact that proposals for pension reform for the City of Chicago and Cook County and pension reform legislation enacted for the Chicago Park District all require increases to employer contributions.


We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.

May 14, 2014

Crain's Chicago Business

Crain's Chicago Business
May 14, 2014

This article discusses a tentative agreement reached to stabilize Cook County’s Pension Fund through a combination of benefit and funding reforms. A recent Civic Federation blog post compared funded ratios of the Cook County Pension Fund between FY2004 and FY2013. At the Fund’s current rate of decline, it is projected to become insolvent in 2038. 

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