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.
This was the running theme during Illinois' recent lame duck session: Pass anything.
Two years ago, the average family started forking over an additional $1,500 from their annual pay due to higher taxes.
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
With the last procedural hurdles cleared, Senate Bill 1556, also known as the "management" bill, will be presented to Gov. Pat Quinn and is expected to receive his signature.
We often hear stories from Illinoisans who find comfort in knowing others are working to advance liberty in our state some are shocked to learn such a community exists and that it is ranked #1 among State Policy Network organizations.
For years annual pension costs have been crowding out spending on education, health care and public safety. Now, Illinois legislators are looking to lock that in.
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...
None of the plans Illinois lawmakers are considering will go anywhere near solving the states long-term pension crisis.
PRESS RELEASE from the ILLINOIS POLICY INSTITUTE EXPERTS AVAILABLE IN CHICAGO AND SPRINGFIELD MEDIA CONTACT: Diana Rickert or Daniel Anthony daniel@illinoispolicy.org or (312) 607-4977 Illinois Policy Institute opposes Nekritz-Biss pension plan Yes, pensions must reformed, but the Nekritz-Biss bill would worsen the pension crisis, not fix it SPRINGFIELD, Ill. (Jan. 8, 2013) Illinois lawmakers...
Illinois Policy Institute CEO John Tillman joined Carol Marin and a panel of experts on WTTW's Chicago Tonight to discuss pension reform in Illinois.
Earlier today, the House Appropriations-Human Services Committee heard House Bill 6253. This bill would impose ObamaCare's massive expansion of Medicaid eligibility in Illinois.
The newest education fight in Chicago is over school closings.
Riley & Scot talk with Illinois Policy Institute CEO, John Tillman, on IL taxpayers feeling the impact of Democrats' 67% income tax hike and the progress on pension reform talks.