Fitch downgrades Chicago, cites Illinois Supreme Court ruling on pension reform
Fitch downgrades Chicago, cites Illinois Supreme Court ruling on pension reform
The city’s rating from Fitch is now just one notch above junk status.
Moody’s: Chicago pension-reform ruling means increased financial pressure, rapidly growing pension debt
Moody’s: Chicago pension-reform ruling means increased financial pressure, rapidly growing pension debt
The Illinois Supreme Court’s overturning of Chicago’s modest pension reform means Chicago faces higher pension contributions, rapidly growing pension debt and an increased risk of total insolvency for its pension funds.
Chicago pension decision silver linings
Chicago pension decision silver linings
Despite striking down a pension-reform package aimed at reducing Chicago’s pension debt, the Illinois Supreme Court opened the door for future legislative reforms.
Illinois Supreme Court strikes down Chicago pension reform but opens door for other changes
Illinois Supreme Court strikes down Chicago pension reform but opens door for other changes
While striking down modest reforms to Chicago city-worker pensions, the Illinois Supreme Court has effectively given state lawmakers the green light on other avenues for pension reform.
11 things you need to know about Chicago teacher pensions
11 things you need to know about Chicago teacher pensions
Pension holidays, steep increases in teachers' salaries, and lopsided ratios of teacher contributions to pension payouts have caused the Chicago Teachers’ Pension Fund’s unfunded liabilities to shoot up to $9 billion in 2015.
Pension costs eat up funding meant for students
Pension costs eat up funding meant for students
Illinois’ growing pension costs – not the state budget gridlock – are taking away funding for essential government services, such as education.
State-worker pensions, health care crowd out spending on education, public safety, human services
State-worker pensions, health care crowd out spending on education, public safety, human services
Spending on state-worker pension benefits grew 586 percent between 2000 and 2015.
Rauner looks to end pension pickups for legislative staffers
Rauner looks to end pension pickups for legislative staffers
The perk costs taxpayers tens of thousands of dollars each year.
Total student-loan debt in Illinois is approaching $50 billion
Total student-loan debt in Illinois is approaching $50 billion
More than 1.7 million Illinoisans hold student-loan debt.
Springfield couldn’t bail out Chicago Public Schools even if it wanted to
Springfield couldn’t bail out Chicago Public Schools even if it wanted to
State-run teacher pensions have a shortfall of $37,000 per student, while Chicago's shortfall totals $24,000.
Pensions vs. higher education
Pensions vs. higher education
Skyrocketing pensions, bloated administrations are pricing students out of college degrees
Pensions 101: Understanding Illinois’ massive, government-worker pension crisis
Pensions 101: Understanding Illinois’ massive, government-worker pension crisis
The crisis threatens to burden taxpayers with massive, ever-escalating taxes to bail out a system that is not sustainable – government-worker pensions consume a fourth of the state’s budget.
IEA, IFT, SEIU executives supported skipping pension payments
IEA, IFT, SEIU executives supported skipping pension payments
Government-worker union officials filed papers with the Illinois General Assembly in favor of the “pension holiday” that contributed to the state’s $111 billion pension debt.
5 reasons why Chicago can’t afford to get steamrolled by another CTU contract
5 reasons why Chicago can’t afford to get steamrolled by another CTU contract
CPS is broke. To preserve funding for the classroom and Chicago's children, and to keep CPS from going belly up, CPS officials must broker significant concessions from the union.