The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However…
State's pension costs to consume nearly 25% of State-source revenues in FY2014 (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for…
A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16. Senate President Cullerton believes that…
This article discusses two pension reform proposals in the Illinois Legislature: legislation…
This panel discusses the pension proposal Illinois House Speaker Michael Madigan introduced on April 30. The Civic Federation supports the proposal that is expected to have similar savings as the previously…
UPDATE: On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required…
This article discusses a Morgan Stanley Wealth Management poll result that 93 percent of high net worth investors in the Chicago area are worried about the state’s financial well-being despite general optimism about the national and global…
On March 21, 2013, the Illinois House passed a bill that would significantly reduce the State’s pension costs by limiting automatic annual benefit increases for retirees and employees.…
On March 20, 2013, the Illinois Senate rejected a proposal designed to significantly reduce the State's burdensome pension costs but approved a narrower measure that applies only to active teachers outside of the City of Chicago.…
This article discusses securities fraud charges filed by the U.S. Securities and Exchange Commission against the State of Illinois. The charges discuss factors contributing to the State’s pension funding crisis including a 1994 law…
