Big Pension News? Only in Illinois

Watch a brief video rundown of recent action in Springfield that could have an impact on your tax bill and money for local schools.

Big Pension News? Only in Illinois

Watch a brief video rundown of recent action in Springfield that could have an impact on your tax bill and money for local schools.

What's happening in Springfield now regarding the state pension crisis will have a long-term impact on your tax bills and the money the state government can afford to send to local schools.  Teachers and bus drivers in the suburbs are getting layoff notices and schools are closing in the city of Chicago as the governor projects a cut of $300 million from the state education budget. This week, the Illinois House passed a bill that would trim cost-of-living payments for public retirees. The House previously passed a bill that raises the state employee retirement age incrementally. It's unlikely those measures will pass the Senate, leaving the pension crisis unresolved. Our friends at Reboot Illinois, a non-partisan news and advocacy website…

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Cross’ Pension Plan Called ‘Most Promising’

As Illinois comes in dead last in education funding, the Sun-Times says it's time for lawmakers to take meaningful action on pension reform.

State Rep. And house minority leader Tom Cross introduced a bill last week with Illinois Rep. Elaine Nekritz of Buffalo Grove that aims to trim the state’s pension costs.   In an editorial this weekend, the Chicago Sun-Times called the plan promising and urged lawmakers to pass the bill and make real progress toward solving one of the state’s biggest financial worries. The bill includes the following new provisions for Tier I state employees, or those hired before 2011: The state is facing $98 billion in pension debt and has the worst credit rating in the nation. Moreover, it was revealed Monday that the state is also dead last when it comes to funding education. According to the Sun-Times, the Cross bill could save the state $167 billion …

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Lawmakers Talk Pension Reform, Unfunded Mandates at D58 Legislative Breakfast

Congressman Bill Foster (D-11th) and State Reps. Ron Sandack (R-Downers Grove) and Patti Bellock (R-Hinsdale) fielded a series of questions Friday from the District 58 Legislative Committee.

We're No. 1 — Illinois Has Nation's Worst Credit Rating

Despite 2011's 67 percent state income tax hike — which took a week's pay away from you — the state's financial problems have worsened.

Patch on Politics

We're No. 1 — Illinois Has Nation's Worst Credit Rating

Despite 2011's 67 percent state income tax hike — which took a week's pay away from you — the state's financial problems have worsened.

Illinois now has the lowest credit rating of all 50 states. Standard & Poor’s rating services downgraded Illinois’ credit rating last week to A-, with a negative outlook.  State Treasurer Dan Rutherford, who blamed the negative rating on inaction on the public pension system by Gov. Pat Quinn and the General Assembly, said Illinois is headed for "fiscal disaster." He said the lower rating will force the state to fork over more money on interest payments. This will affect state universities, road construction and other public institutions because more will go to interest than principal as these projects are paid for. “If you went out to borrow $500 because you have such bad credit, it will cost $95 more in interest than better-rated states…

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Patch on Politics

Gov Can't Keep Track of All His Boards and Commissions

State government grows in the dark, like a fungus. • Bill Daley has an idea to take the party out of state elections. • Time magazine mourns for Illinois.

When Gov. Pat Quinn took office in 2009, he promised to take aim at state boards and commissions stocked with politically connected folks drawing large salaries with little oversight into their activities. He would pare down those panels and save you money. Better Government Association investigative reporter Barbara Rose this month looked into whether Quinn delivered: "... more than three years into Quinn’s watch little has changed, except the number of such units is growing. As troubling, many don’t comply with the Illinois Open Meetings Act, according to a report last year by state Auditor General William Holland." In fact, the governor's office is having a hard time keeping up with it all. "With over 322 boards and commissions, …

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George Pickett

10:50 am on Monday, January 28, 2013

I wonder if he kept the monney?   more ›

Radogno 'Disappointed' by Pension Reform Failure

The Illinois Senate Republican Leader (41st-Lemont), who also represents Downers Grove, blamed divided Democrats for the inability to pass a bill.

Illinois Rep. Christine Radogno (41st-Lemont), the Illinois Senate Republican Leader, said she is particularly frustrated at legislators' inability to deliver a solution Tuesday to the state's $96 billion pension deficit, the The Doings Western Springs reports. “I’m very, very disappointed we have not been able to achieve comprehensive pension reform calling for bipartisan cooperation,” Radogno told the paper. "The Republicans have been extraordinarily cooperative... The problem is the Democrats do not agree on what approach to take and they hold the majority." According to the paper, Radogno also expressed reservations about the proposed iterations of an assault-weapons ban and a gay-marriage bill, saying the former is too sweeping and …

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Governor, DuPage County Chairman and GOP Leaders Push for Pension Reform

Governor Pat Quinn meets with area legislators to discuss pension reform, with hopes for action by Jan. 9.

Governor Pat Quinn on Friday met with DuPage County Board Chairman Dan Cronin and other Republican legislators to push for pension reform by Jan. 9, the end of the current legislative session.  “Every day that urgently needed action on pension reform is delayed, the problem gets worse," Governor Quinn said in a statement. "As elected leaders, we have a responsibility to put politics aside and enact a solution that prevents skyrocketing pension costs from squeezing out core services like education, public safety and health care. We can do that now and we should not wait another day." Without pension reform, the unfunded liability grows by $17.1 million every day, according to a press release from DuPage County. According to the Pew Center …

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