retirement

Taxing retirement income
6:54 pm
Mon March 3, 2014

Civic Federation Calls For Taxing Retirement Income

  As more baby-boomers retire, Illinois is increasingly missing out on a revenue source. Of the 41 states with an income tax, Illinois is one of only three that exempt all pension income.

A new report from the Chicago-based Civic Federation says Illinois needs to take a longer-term approach to budgeting; one that is rooted less in politics, and more in reality. Most notably. the group recommends Illinois extend its current income tax rate for a year before gradually rolling it back.

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Illinois Supreme Court
6:30 am
Thu September 19, 2013

Should State Retirees Pay For Health Insurance?

Credit Brian Mackey/WUIS

Retired state workers who collect pensions in Illinois started paying health insurance premiums this summer. That's because of a change in the law last year — previously health insurance was free for anyone who retired with at least 20 years of service.

A number of retirees sued over the change. The case was argued Wednesday before the Illinois Supreme Court.

A few months ago, Illinois began collecting one percent of pension income from retirees who are eligible for Medicare, two percent from those who aren't.

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Pensions
5:03 pm
Tue August 20, 2013

Pension Returns Up; Problems Remain

Credit Amanda Vinicky

Illinois' largest public pension fund hit a major low in 2012, its rate of return was less than one percent.  But an early analysis shows the last fiscal year was better than expected. The success isn’t expected to make much of a dent in Illinois’ nearly $100 billion dollar pension liability, however, which lawmakers thus far have failed to tackle.   

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