Illinois General Assembly

Illinois’ pension crisis keeps getting worse

By Ted Dabrowski
10/29/2013
Even if Illinois pension funds see investment returns that exceed expectations, that still won’t be enough to plug the largest fund’s hole. The Teachers’ Retirement System reported its pension underfunding grew to $55.73 billion as of June 30, 2013 — an increase of more than $3.5 billion since the end of the previous fiscal year...

TAGS: 401(k), COGFA: Commission on Government Forecasting and Accountability, Dick Ingram, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Illinois General Assembly ignores citizens on term limits

By Brian Costin
10/26/2013
“It is a safe bet that the General Assembly will never pass a bill limiting its own members’ ability to seek re-election.” – Christopher Mooney, University of Illinois Springfield professor, term-limits expert Overwhelmingly, Illinoisans support term limits. A recent poll showed 78.7 percent of Illinois voters support term limits. But good luck convincing Illinois legislators...

TAGS: term limits

Veto session at a glance

By Matt Paprocki
10/22/2013
Today marks the first day of the Illinois General Assembly’s two week veto session. Veto session is held for six days every fall to allow the General Assembly to take action on bills that the governor has vetoed. Since the spring legislative session, the governor has vetoed 10 bills – only three of those bills...

TAGS: Archer Daniels Midland, CME: Chicago Mercantile Exchange, fall veto, Groupon, John Cullerton, NALCO, Navistar, Sears, tax credits

Illinois lawmakers who have signed anti-progressive tax resolution

By Jane McEnaney
10/18/2013
As the Illinois General Assembly heads back to Springfield for veto session next week, here is a quick look at what elected officials have signed on to the Illinois Policy Institute’s legislative efforts to prevent lawmakers from amending the state’s constitution to permit a progressive income tax hike, which would increase taxes on 85 percent...

TAGS: fair tax, flat tax, graduated income tax, ILGA: Illinois General Assembly, progressive income tax

Illinois’ pension system lacks transparency

By Paul Kersey
10/16/2013
THE PROBLEM The story of Illinois pensions over the last 20 years is full of reforms that were supposed to put the five state-run government pension systems on sound footing, but failed once they were implemented. Despite repeated attempts at a solution, the state’s official pension debt has jumped to nearly five times what it was in 1995. Taxpayers and...

TAGS: 401(k), COGFA: Commission on Government Forecasting and Accountability, COLA: cost of living adjustment, IDOI: Illinois Department of Insurance, ILGA: Illinois General Assembly, Jim Edgar, market discount rates, pensions, retirement age

Shrinking the Illinois Senate

By Brian Costin
10/08/2013
With 42,336 elected officials as of 1992, Illinois has nearly 12,000 more state and local elected politicians than any other state. Amazingly, with this unprecedented wealth of legislators Illinois hasn’t been able to adequately address some of its most dire problems. Illinois still ranks near the bottom of the nation in numerous key economic indicators,...

TAGS: term limits

State pension contributions: Taxpayers bear the brunt of increasing pension costs

By John Klingner
09/25/2013
The problem A common refrain sounded by public sector unions is that government workers have consistently “paid their share” into Illinois’ pension systems and the state has not. However, the facts tell a different story. While government worker contributions to Illinois’ five pension systems have increased by 75 percent since 1998, taxpayer contributions have increased...

TAGS: GARS: General Assembly Retirement System, JRS: Judges’ Retirement System, SERS: State Employee Retirement System, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Term limits puts career politicians and lobbyists on notice

By Brian Costin
09/24/2013
Despite their rationale, critics who oppose term limits are siding with the status quo, which not only keeps intact all-powerful political dynasties but also preserves special-interest lobbyists’ relationships with legislators. Christopher Mooney is one such critic, as he made clear in his recent anti-term limits editorial in Crain’s Chicago Business. By opposing term limits, Mooney isn’t...

TAGS: term limits

Term-limits referendums are overwhelmingly successful

By Brian Costin
09/23/2013
Republican gubernatorial candidate Bruce Rauner is championing a term-limits referendum proposal to amend the Illinois Constitution. If the measure is successful, it would limit terms in the Illinois General Assembly to eight years. The proposal has three major hurdles to pass to become law. It must: Gather more than 300,000 signatures to appear on the ballot Survive...