Honoring Ann Lurie and Northern Trust

June 25, 2014 - 11:30am - 1:30pm

The Civic Federation's 2014 Civic Awards Luncheon was pleased to honor Northern Trust and Ann Lurie. Click here for more information on the luncheon and the video tributes to this year's honorees.

 
 

 

Fairmont Chicago, Millennium Park
Imperial Ballroom
200 North Columbus Drive
Chicago, IL

11:30 a.m. Reception
12:00 p.m. Lunch and Program
1:30 p.m. Adjourn

Honoring Ann Lurie and Northern Trust
June 25, 2014 - 11:30am - 1:30pm

The Civic Federation's 2014 Civic Awards Luncheon was pleased to honor Northern Trust and Ann Lurie. Click here for more information on the luncheon and the video tributes to this year's honorees.

 

 

 

Fairmont Chicago, Millennium Park
Imperial Ballroom
200 North Columbus Drive
Chicago, IL

11:30 a.m. Reception
12:00 p.m. Lunch and Program
1:30 p.m. Adjourn

Co-Chairs Lester Crown, Anne Dias Griffin, Andrew J. McKenna, Michael J. Sacks and the entire Board of Directors of the Civic Federation are pleased to honor Ann Lurie, President of Lurie Holdings, Inc. and the Ann and Robert H. Lurie Foundation, with the Lyman J. Gage Award for Outstanding Civic Contribution by an Individual. The Co-Chairs and Board of Directors are also delighted to honor Northern Trust with the Addams-Palmer Award for Exemplary Civic Involvement by a Corporation. Frederick H. Waddell, Chairman and Chief Executive Officer of Northern Trust, will accept the award on behalf of his company.

April 4, 2014

The Bond Buyer

The Bond Buyer
April 4, 2014

This article follows the legislative progress of a pension funding plan announced by the City of Chicago April 1 that would bring the Municipal and Laborers pension funds to a 90% funded level by 2054. It cites a Civic Federation blog post that examines and supports the plan as a balanced approach that shares sacrifice among taxpayers, employees and retirees to stabilize the City’s finances. 

April 4, 2014 - 10:27am


April 4, 2014

As the legal battle over Illinois’ new pension law continues, courts continue to issue rulings on similar pension changes in other states. Last month, Governor Lincoln D. Chafee, General Treasurer Gina M. Raimondo, and the Federal Mediation and Conciliation Board signed off on a settlement agreement to a consolidated lawsuit challenging changes to Rhode Island’s state-administered pension system. If approved by employees, retirees and state legislators, the agreement would make some changes to the groundbreaking pension reform package passed by the General Assembly in November 2011.


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

April 1, 2014

Crain's Chicago Business

Crain's Chicago Business
April 1, 2014

This article discusses the City of Chicago’s plan to restore 90% funded levels to its Municipal and Laborers pension funds by 2054 through a combination of property tax increases, increased employee contributions and lower cost-of-living increases for retirees. The Civic Federation said the plan strikes a reasonable balance of shared sacrifice among taxpayers, employees and retirees to stabilize the City’s finances. 

April 1, 2014

The New York Times

The New York Times
April 1, 2014

This article reports on a pension funding plan announced by the City of Chicago April 1 that would bring the Municipal and Laborers pension funds to a 90% funded level by 2054. Without reforms, both funds face insolvency within 9-17 years. The Civic Federation said the City’s plan is reasonable, but aiming for a 100% funded level would be ideal.

April 3, 2014 - 9:20am


April 3, 2014

Chicago Mayor Rahm Emanuel unveiled a proposal to stabilize the City’s underfunded Municipal and Laborers pension funds on March 31. The 40-year plan includes successive property tax increases to provide additional pension funding coupled with employee benefit reductions. His proposal does not address the severe funding crisis in the Police and Fire Pension Funds. Legislation based on the Mayor’s proposal was passed by the Illinois House Personnel and Pensions Committee on April 2.

 

The Problem: The Municipal and Laborers Pension Funds Face Insolvency


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

March 28, 2014 - 3:26pm


March 28, 2014

On March 26, 2014, Governor Pat Quinn presented an FY2015 budget proposal for the State of Illinois that avoids a fiscal cliff by retaining temporary income tax increases that were scheduled to be phased out beginning in January 2015.

The Governor’s recommended budget also significantly increases the property tax credit for homeowners on State income taxes. In order to balance the budget and pay down a portion of the State’s backlog of unpaid bills in FY2015, Governor Quinn’s proposal requires the State to borrow $650 million from other state funds, which must be paid back in future years.


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

March 26, 2014

Crain's Chicago Business

Crain's Chicago Business
March 26, 2014

This article discusses Governor Quinn’s FY2015 budget recommendation, which calls for making Illinois’ temporary income tax rate increases permanent to help finance education and pay down unpaid bills. It cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which found the State would face a $3.9 billion revenue drop by FY2016 if the income tax rates partially roll back as scheduled on January 1, 2015. 

March 27, 2014

Bloomberg

Bloomberg
March 27, 2014

This article follows Governor Quinn’s FY2015 Budget Address and plan to make Illinois’ temporary income tax increase permanent to generate more State revenue. It cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which recommended extending the current tax rate for one year before gradually reducing the rate by 20%.

March 26, 2014

The New York Times

The New York Times
March 26, 2014

This article covers Governor Quinn’s March 26 announcement of his plan to make Illinois’ temporary income tax increase permanent. The Civic Federation said the tax increase alone won’t signal to credit rating agencies that the State knows what to do to avoid another fiscal crisis. In its State of Illinois FY2015 Budget Roadmap the Civic Federation recommended that Illinois publish a long-term financial plan that is updated annually.

Syndicate content