Michael Madigan

Capitol Updates: Special session

By Jane McEnaney
06/19/2013
In early June, Gov. Pat Quinn called lawmakers to return to Springfield on June 19 for a one-day special session on pension reform. This came in the wake of yet another downgrade of Illinois’ credit as a result of inaction on pension reform when the legislative session adjourned on May 31. Our most recent knocks from Moody’s Investors Service and Fitch Ratings  mark Illinois’ 12th...

Illinois pension debt to double as new Moody’s methodology kicks in

06/17/2013
It’s taken as fact that Illinois’ five state-run pension systems have a $100 billion funding shortfall. That’s what the official reports say. But all that’s about to change. Moody’s Investors Service is making good on its promise to evaluate state pension plans on more realistic assumptions. The rating agency has long critiqued the pension funds’...

TAGS: credit rating, pensions

State Universities Retirement System option provides model for Illinois pension reform

By Benjamin VanMetre
06/14/2013
The Illinois General Assembly is gearing up for a special session to discuss pensions next week because of lawmakers’ reform inaction during the recent spring session, which resulted in back-to-back credit rating downgrades. The debate during session will likely be over which of two plans will solve Illinois’ crisis – House Speaker Mike Madigan’s proposal or the one...

Illinois’ supersized pension problem

By Ted Dabrowski
06/13/2013
Illinois’ pension problem dwarfs the retirement problems in all other states. Officially, the underfunding of the five state-run pension systems total $100 billion. But when more realistic assumptions are used, the shortfall exceeds $200 billion. Without real pension reform, every Illinois household is on the hook for more than $40,000 in additional taxes just to cover...

Illinois committee will reconvene to discuss pensions June 18

By Jane McEnaney
06/13/2013
Though Illinois taxpayers should be disappointed that pension reform was not enacted during the scheduled spring legislative session, they should also be relieved that fake reform was not enacted. The competing proposals offered by House Speaker Mike Madigan and Senate President John Cullerton did not offer solutions commensurate to the severity of Illinois’ pension problem (Senate Bill 1and Senate Bill...

Moody’s warns Illinois credit rating could fall without pension reform

05/31/2013
In what’s become a habit for Moody’s Investors Service, the credit rating agency warned today that Illinois faces more credit downgrades if it fails once again to reform its state-run pension systems. The state already has the lowest credit rating in the nation. This means Illinois pays more to borrow money than any other state. But what’s...

Cullerton’s pension plan full of flawed logic

By Jonathan Ingram
05/30/2013
A union coalition opposed to pension reform is arguing that a plan advanced by Senate President John Cullerton would save $26 billion more in retiree health care coverage costs than a plan backed by House Speaker Michael Madigan. From the Associated Press: A study by the We Are One Illinois coalition shows that if half of...

Clock is ticking in Springfield

By Matt Paprocki
05/28/2013
There are four days of legislative session remaining, during which time state lawmakers will debate many important issues that affect taxpayers in the state of Illinois. Here is what you need to know going into the last week of session. No budget … yet At this point in session, a state budget proposal is usually...

Capitol Updates: May 20 week in review

By Jane McEnaney
05/20/2013
This was an eventful week in Springfield. Though pension negotiations between House Speaker Mike Madigan and Senate President John Cullerton remain at an impasse, the General Assembly passedSenate Bill 2356, which raises the speed limit on Illinois’ tollways and interstates to 70 mph, up from 65 mph. Gov. Pat Quinn remains noncommittal on this issue. Here’s a look at some of the legislative...

Capitol Updates: May 6 week in review

By Jane McEnaney
05/11/2013
Both chambers were in session this week in Springfield. Moratorium on virtual schools passes out of committee On Tuesday afternoon, House Bill 494 passed out of the Senate Subcommittee on Charter Schools and was subsequently approved by the full Senate Education Committee. The Illinois Policy Institute’s Executive Vice President Kristina Rasmussen and Director of Education Reform Josh Dwyer attended both...