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

Illinois lawmakers pass pension sweeteners without knowing the cost

By Adam Schuster
11/20/2019
Illinois has nation’s worst pension debt. Maybe that’s because state lawmakers take a problem they aren’t sure exists, apply a solution they don’t know will work and never determine the cost.

TAGS: benefits, Civic Federation, fire pensions, firefighter pensions, IRS: Internal Revenue Service, Jason Barickman, municipal pensions, pension crisis, pension debt, pension reform, pensions, police pensions, public safety, public safety pensions, safe harbor, Social Security, task force, tier 1, tier 2