Oak Lawn credit rating hits junk status amid skyrocketing pension costs

By Brad Weisenstein
Massive increases in public safety pension contributions have failed to keep Oak Lawn’s credit from being downgraded to junk status. The Chicago suburb’s leaders are fighting cuts and tax increases, which are inevitable without pension reform in Springfield.

TAGS: credit rating, firefighter pensions, IDOI: Illinois Department of Insurance, Moody's Investor Service, municipal pensions, Oak Lawn, police pensions, public safety