Illinois’ pension savings greater than originally forecast? Not so fast

You may be hearing about rosy new pension estimates coming out of Springfield, but don’t be too quick to bite. A memo recently released by legislative leadership points to “good news” coming from a new analysis of Senate Bill 1 to be included in Illinois’ upcoming bond offering on Feb. 6, 2014. The memo claims […]

Dan Rutherford on Pensions

Dan Rutherford sided with the Teachers Unions in not supporting the latest Madigan pension reform ramp. “I have taken due consideration over the long Thanksgiving weekend to evaluate the proposal for State Public Pension Reform. Having examined the information available, I do not support the current legislation. I do not believe it will withstand judicial review […]

Bill Brady on Pensions

Bill Brady was the only one of the 4 Gubernatorial candidates to vote for or support the latest Madigan pension reform ramp. “I think he’s naive to think a 410k system will pass,” the senator continued. “We’ve tried to pass things like that. This is $160 billion in savings. I don’t know how you walk away […]

Pension bill won’t save what sponsors promised, at least to start, Civic Fed says

A Chicago watchdog group that was a big advocate of Illinois’ recently enacted pension reform bill is out with a report saying the measure may not save nearly as much as its sponsors promised, at least to start. In a post on its website the Civic Federation of Chicago says that, while sponsors of the bill estimated state […]

What will happen if the deeper financial reviews discover the pension plan will fall way short of the $160 billion savings estimate?

By Ray Long, Tribune reporter SPRINGFIELD — When Illinois lawmakers narrowly approved major changes to the public employee retirement system last month, supporters touted the measure as saving $160 billion over 30 years. —————————————————————————————— Illinois’ chronic money woes led Wall Street to bestow upon it the worst credit rating of any state in the nation. Since […]

Chicago is tackling the worst pension crisis in the US

By Neil Munshi and Norma Cohen Chicago is tackling the worst pension crisis in the US. But methods that got it into its bind are still used across America Since the start of this school year, Annie Stoball has been walking her nine-year-old granddaughter Kayla across four blocks to Gresham Elementary on Chicago’s South Side. […]

Pension Reform Bill SB1: Who’s For the Taxpayers? Who’s for the Government Union Bosses?

Below is the text of SB1, the pension reform bill being voted on tomorrow. The summary alone gave us enough evidence this was a bad bill for taxpayers and was poised to make the situation much worse in the coming years. Now we have the details. So far Bruce Rauner and Dan Rutherford have come […]

Why The Latest Pension Reform Proposal is Bad for Taxpayers

Here is the summary (the actual bill details won’t be released until Monday): Funding schedule and method for certifying contributions: Establishes an actuarially sound funding schedule to achieve 100% funding no later than the end of FY 2044. Contributions will be certified using the entry age normal actuarial cost method (EAN), which averages costs evenly over […]

We have to pass the pension bill to find out what’s in it

“We have to pass the bill so that you can find out what is in it.” Remember when former Speaker of the U.S. House of Representatives Nancy Pelosi said this about ObamaCare? Well, the Illinois General Assembly is repeating that horrible mistake, and we need your help today to stop them. Illinois’ legislative leaders announced a pension […]

Backdoor pension deal

There’s immense pressure on Illinois legislators to pass a pension bill. With the state pension system nearing insolvency and credit agencies warning of further downgrades, the perceived wisdom is that any pension fix, no matter how small, is a “step forward” that must be passed. But when it comes to pension reform in Illinois, that […]