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By April Kalepp Pension reform-minded lawmakers help present a new reform bill that they think can solve Illinois’ billion dollar pension crisis. They joined the Illinois Policy Institute, non-partisan research organization, to present a reform plan. The proposal would immediately cut the state’s $100 billion dollar pension liability by nearly half. According to the bill,...
The governor has summoned the Illinois General Assembly to Springfield Wednesday to address the state’s more than $100 billion pension crisis. To set the tone for the discussion, today a group of reform-minded lawmakers joined the Illinois Policy Institute at a press conference to present a pension reform plan that is constitutional, would immediately cut...
by Robert H. Jordan Anchor/Reporter Illinois has one of the nation’s worst-funded pension systems, and Democrats in Springfield seem to be handcuffed, unable to get any meaningful pension reform passed. Republicans see this as an opportunity to pass legislation of their own. House Speaker Michael Madigan and Senate President John Cullerton will be the key legislators...
By Nick Mariano Last week’s layoffs at Crownline Boats in West Frankfort coupled with downgrades of Illinois’ credit rating continue to paint a bleak picture for the area’s unemployed. Mine closures, teacher layoffs and prison closings add to the angst. And Illinois’ poor showing in other economic barometers isn’t doing much for employment confidence. According...
By Matthew Heimer Illinois, a state often ridiculed for its shaky management of public finances, got another black mark next to its name this week when two credit-rating agencies, Fitch Ratings and Moody’s Investor Services, downgraded their ratings on the state’s debt. Illinois is now ranked two notches lower than any other state by Moody’s;...
Illinois Policy Institute CEO John Tillman released the following statement today after the General Assembly adjourned without enacting pension reform: “Like many, we are disappointed that pension reform was not enacted during the spring legislative session. But make no mistake: the Madigan and Cullerton pension proposals were not pension reform. Taxpayers should be relieved they did...
Pension reform, gay marriage, concealed carry, and a budget are some big and historic items remaining on the agenda for state lawmakers. With just a week and a half left in the spring session, could lawmakers be in Springfield past May 31, and would that cost taxpayers? It’s a common theme at the statehouse during...
Today, state Rep. Elaine Nekritz released savings projections for the pension reform plan backed by House Speaker Michael Madigan. Supporters of the Madigan/Nekritz/Cross plan have argued that his plan should be enacted because it saves more money than Senate President John Cullerton’s proposal. Using that same principle, Illinois would be better off passing House Bill...