Illinois is just the latest state to vote on legislation to overhaul public pension plans.
Heather Kerrigan is a contributor with Governing Magazine. She says this year alone, state and local governments around the country have proposed more than 1,000 pieces of legislation to shore up pensions. And she says almost all of them face the same challenge.
Springfield's top city attorney has submitted his resignation after helping the mayor and aldermen through a difficult legal battle.
Mayor Mike Houston appointed Mehlick this summer, following the departure of former Corporation Counsel Mark Cullen. Cullen and other city officials are named in the lawsuit filed on behalf of Springfield resident Calvin Christian. Christian accuses them of knowingly and intentionally destroying the documents he was seeking through a Freedom of Information Act (FOIA) request.
Illinois House Speaker Michael Madigan presents the conference committee report on Senate Bill 1, the legislation overhauling Illinois pensions. Madigan says "hopefully the Court will rule in favor of the constitutionality of the bill."
Illinois legislators may have passed a pension overhaul, but unions representing teachers and public employees have vowed to sue to stop it from taking effect. If they're successful, that could force lawmakers to go back to the drawing board.
Lawmakers made preemptive efforts to fend off a legal challenge. The measure contains a statement that details the terrible condition of Illinois' finances and what lawmakers have tried to do about it -- a clear attempt to justify cutting pension benefits.
The Illinois General Assembly approved sweeping cuts to state employee pensions Tuesday. The move comes after years of stalemate over how to address a hundred-billion dollar liability — the worst-funded pension plans of any state.
Sen. Andy Manar, D-Bunker Hill, is the sponsor of a Senate bill to give ADM a tax credit in exchange for creating new jobs in Chicago and Decatur, if the company moves its global headquarters from Decatur to Chicago.
While much of the attention was focused on pensions, state legislators yesterday also dealt with measures intended to get a trio of companies to call Illinois home. But they only got halfway there.
Decatur-based Archer Daniels Midland is shopping for a new world headquarters. The agribusiness giant may well choose Chicago; but it wants a tax break from Illinois, like in a measure approved by the Senate.
The Illinois General Assembly has approved sweeping changes to pensions for state employees. Governor Pat Quinn says he will sign the legislation. It's intended to fix the worst-funded state retirement system in the country.
Illinois is roughly $100 billion short of the money it promised to pay state employees, university workers, and public school teachers.
After years of debate, lawmakers finally agreed on a solution to the problem: cutting benefits, mainly by reducing the three-percent annual increase retirees have gotten on their pensions.