Budget + Tax

State employee pension fund sees dismal 2012 returns

State employee pension fund sees dismal 2012 returns

Although the pension fund for state employees predicted it would earn $850 million in fiscal year 2012, it actually earned less than $6 million. The fund posted an investment return of just 0.05 percent, far below the 7.75 percent it expected.

Fitch warnings don’’t mean kick the can down the road

Fitch warnings don’’t mean kick the can down the road

Illinois’ credit rating received a warning today from Fitch Ratings. What Fitch cited as the “ongoing inability of the state to address its large and growing unfunded pension liability” means a rating downgrade is likely unless reforms are passed within s

Pension Review Commission Act: Dangerous Abrogation of Power

Pension Review Commission Act: Dangerous Abrogation of Power

Major problems: Creates a super-legislature by delegating lawmaking to an un-elected Commission. Creates a pathway for Commission-directed tax hikes without a vote of the legislature. If either the House Speaker or the Senate President does not call a disapproval vote, the bill becomes law. The chamber heads are required to certify it unless a joint...

Illinois can’t afford DCFS appropriation

Illinois can’t afford DCFS appropriation

Paul Kersey Director of Labor Reform A state with $9 billion in unpaid bills and at least $96 billion in unfunded pension obligations cannot afford to overpay for anything, even wages for child protection workers. So while some lawmakers may want to grant the Department of Children and Family Services, or DCFS, with a supplemental...

LOAD MORE