Chicago Park District ‘reform’ bill puts pension costs on taxpayers
House Bill 417 falls far short of the structural reforms Illinois pension systems require. A constitutional amendment is needed after courts blocked a real reform effort in 2018.
Chicago Park District pension reform ruled unconstitutional
The ruling will likely mean higher taxes for Chicagoans.
Parks and wrecked: City’s reform of Chicago Park District’s pension fund challenged
A challenge from the SEIU is looking to set back the city’s attempt to stave off the Chicago Park District's pension-fund insolvency.
Moody’s downgrades Chicago Public Schools and Chicago Park District
When Mayor Rahm Emanuel went to SXSW to pitch Chicago as a destination city, he touted the city’s buzz. There’s no denying Chicago’s arts and tech scene is on the rise. But Emanuel failed to tell Austin crowds there’s a buzzkill on the way – the city’s fiscal collapse. Chicago continued its decline when two of...
Fitch Ratings: Chicago approaching “inflection point”
Triple-notch credit downgrades for government entities are supposed to be rare. They normally happen only in response to major financial events, such as a sudden fiscal emergency. But Chicago just received its second triple-notch downgrade in just six months. And that spells trouble for Chicago taxpayers. Citing skyrocketing pension costs and a lack of meaningful...
Parks and wreck
The Illinois General Assembly today approved a pension bill that requires taxpayers to pay an additional $75 million into the Chicago Park District pension fund in addition to tripling the taxpayer contribution to the troubled pension fund. Unfortunately, this bill is mistakenly being heralded by some as a potential model for pension reform. Make no mistake:...
