Illinois

Pension solutions: reforming retirement age

By Benjamin VanMetre, John Klingner
11/26/2013
THE PROBLEM Illinois’ $100 billion pension crisis is the worst in the nation. The Illinois General Assembly’s failed attempts to solve the pension crisis in the past have only perpetuated Illinois’ problem. Politicians have done nothing more than tinker at the margins of reform to avoid making tough decisions. The reality is minor changes won’t...

Pension solutions: Cost-of-living adjustments are supersizing state pensions

By John Klingner
11/26/2013
THE PROBLEM Illinois’ five state-run pension funds are more than $100 billion in debt, according to official state numbers. Without major reforms, the funds are headed toward insolvency – and that means retirees may see their pensions cut and younger workers may not have a pension at all. One of the biggest forces behind this...

Illinois’ unpaid bills higher today than when lawmakers passed the 2011 tax hike

By Benjamin VanMetre
11/25/2013
The Illinois General Assembly passed a record income tax increase on individuals and businesses in 2011. And Gov. Pat Quinn promised that it specifically was “designed to pay our bills.” By the end of the current fiscal year, lawmakers will have collected a total of $25.7 billion in new revenue from the 2011 tax hike....

TAGS: debt, ILGA: Illinois General Assembly, unpaid bills

Illinois surrounded by states lowering tax rates

By Benjamin VanMetre
11/25/2013
Eighteen states made pro-growth tax changes during the 2013 legislative session. In contrast, Illinois introduced two pieces of legislation that would increase the state’s income tax. The 18 states that cut taxes this year did so across more than two dozen categories. Notably, a third of those cuts were in the personal and corporate income tax...

Illinois’ unemployment rate dips below 9 percent in October

By John Klingner
11/22/2013
Illinois’ unemployment rate fell to 8.9 percent in October from 9.2 percent in August, according to the U.S. Bureau of Labor Statistics. A total of 4,800 payroll jobs were created between August and October. Today’s BLS report, which included both October and September numbers, was delayed until today due to the government shutdown in October....

TAGS: jobs, unemployment

Illinois to allow insurers to extend canceled health insurance policies

By Naomi Lopez Bauman
11/22/2013
In an effort to curb the tide of millions of health insurance cancellations as a result of ObamaCare, the president called on state regulators to extend the terminated health insurance policies that were canceled as a result of ObamaCare mandates. In response, Illinois Department of Insurance Commissioner Andrew Boron announced that the department “will follow...

TAGS: IDOI: Illinois Department of Insurance

Illinois term-limit petition halfway to 300K signature goal

By Brian Costin
11/22/2013
Illinois is one of only 11 states without term limits, but a constitutional referendum proposal to bring the proposed reform to Illinois met a significant milestone. From the Chicago Sun-Times: “Bruce Rauner’s Committee for Legislative Reform and Term Limits has already reached 150,000 petition signatures — the halfway mark to getting onto the Nov. 2014...

TAGS: Bruce Rauner, Committee for Legislative Reform and Term Limits, term limits