The little-known legislative rules that govern the legislative process in the Illinois House of Representatives give the House speaker extraordinary power to orchestrate the legislative or political outcomes he or she wants. Those rules allow the speaker to influence the makeup of legislative committees; how lawmakers vote; and when, if ever, the bills get voted...
The crisis threatens to burden taxpayers with massive, ever-escalating taxes to bail out a system that is not sustainable – government-worker pensions consume a fourth of the state’s budget.
Allegheny Technologies is making the switch to a 401(k)-style plan despite the fact that the company’s defined-benefit plan is currently 87 percent funded. Regardless of how well funded some defined-benefit plans can be, the plans are no longer affordable or sustainable.
In 2005, Alaska froze the state’s traditional defined-benefit pension plan and created a self-managed 401(k)-style retirement plan for new public employees and teachers.
Illinois continues to bleed workers, with another 19,000 Illinoisans dropping out of the workforce in the month of August alone, according to a press release from the Illinois Department of Employment Security, or IDES. As a result, Illinois’ labor force participation rate hit a new 35-year low in August. The state’s jobless rate fell from...
Illinois has the worst-funded pension systems in the nation. But there’s one group of state-government workers that isn’t worried about whether their retirement checks will be slashed. Today, more than 13 percent of all active employees in the State Universities Retirement System, or SURS, participate in a 401(k)-style plan instead of a traditional pension plan...