Oak Lawn credit rating hits junk status amid skyrocketing pension costs

By Brad Weisenstein
01/07/2020
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, fire pensions, firefighter pensions, Illinois Department of Insurance, junk credit rating, Moody's Investor Service, municipal pensions, oak lawn, pension benefits, pension contributions, pension costs, pension crisis, pension debt, pension obligations, pension reform, pension spending, police pensions, public safety, public safety pensions

With voters set to decide on progressive income tax, Illinois wealth flight among worst in the nation

By Orphe Divounguy, Bryce Hill
01/07/2020
New data shows Illinois since 2010 lost up to $32 billion in income from people moving out. Gov. J.B. Pritzker’s graduated income tax plan would hike rates on residents most likely to leave the state, on net.

TAGS: graduated income tax, Illinois, Illinois Constitution, Illinois General Assembly, income, IRS: Internal Revenue Service, JB Pritzker, outmigration, pension reform, population, population loss, progressive income tax, progressive tax, spending cap, Springfield, tax rates, U.S. Census Bureau, wealth, wealthy

Pritzker signs pension sweetener bill without knowing the cost

By Adam Schuster
12/20/2019
Illinois’ pension crisis is the nation’s worst. Maybe that’s because elected officials take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.

TAGS: bipartisan, consolidation, constitutional amendment, Illinois, Illinois Constitution, Illinois General Assembly, JB Pritzker, lawmakers, pension benefits, pension costs, pension crisis, pension debt, pension reform, safe harbor, Springfield, tier 1, tier 2