Category Archives: Pension

Quinn’s “Rendezvous with Reality” Has Arrived.

In his budget speech in February, Gov. Pat Quinn warned, “Our rendezvous with reality has arrived.” But we’re still waiting on the rendezvous with the reality of a public pension system that’s taking money from education and other vital needs. That is expected to arrive in January, probably with the help of nearly three dozen lawmakers who will be leaving office the day after casting their votes.

Squeezy-Mania Hits Illinois

In a mere 24 hours, Illinois has caught a severe case of Squeezy-mania, thanks to the Illinois’ pension predicament’s new mascot, Squeezy the Pension Python. Through no fault of his (her?) own, Squeezy attracted mostly derisive commentary when he/she debuted Sunday. Really, though, the video in which Squeezy appears offers a pretty good explanation the problem. Plus, it opens the exciting possibility of a pension reform bill written in Parseltongue.

Squeezy The Python Reboot Illinois Pension Issue

 

 

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His Name is Squeezy and He’s Here to Take Away Your Kids’ Education

His name is Squeezy and he has come to take away your education, kids. That’s the message in Gov. Pat Quinn’s new campaign to educate the public, even children, on the dangers of the current pension system. Squeezy the Python is also squeezing money away from road building, public safety and other essential government functions as the state shovels more and more money into its ever-growing pension system.

Squeezy the Snake Reboot Illinois Pension reform

 

 

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Chicago Civic Committee: Illinois Pension Can’t Be Fixed

Yesterday we posted that Gov. Pat Quinn’s office now says the state’s pension liability is $95 billion. One group that has been advocating long and hard for pension reform now says the system can’t be fixed. Civic Committee of the Commercial Club of Chicago has a four-point plan: eliminate all cost of living increases, impose a salary cap at which pensions are calculated, raise the retirement age to 67 and shift all pension costs to local bodies (translation: school districts) over 12 years.

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Grayslake Pension Loophole Means Taxpayers Owe $500k more over 20 years

While lawmakers devise reforms for the state’s pension system, they should address loopholes that turn the system into a goldmine for a few select employees. Grayslake taxpayers will pay an extra $500,000 over the next 20 years thanks to a state pension law loophole that will benefit just a single former police sergeant, who is entitled to not just one annual 3 percent cost-of-living pension increase, but two, a judge ruled.

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Unfunded Pension Liability up to $95B from $83B

Breaking news!
The governor’s office has updated its pension numbers over the past week. With the state’s largest retirement system expecting to earn less on its investments, the state’s unfunded pension liability now stands at $95 billion. That’s up from the previous figure of $83 billion. And it will only grow without significant reform to the current pension system.

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Illinois is marching to the edge of its own financial cliff

Illinois is marching to the edge of its own financial cliff by failing to control its ever-growing pension costs, says the leader of the Illinois Chamber of Commerce. When the market collapsed in 2008, so did the bottom lines of the state’s pensions. “While the nation went through the worst recession in modern history, Illinois’ public pension funds still were projecting healthy returns with their heads firmly in the sand,” writes Doug Whitley. http://bit.ly/STkLId
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BGA not Thrilled about Pension Amendment on Ballot

The Better Government Association doesn’t make a recommendation for voters, but it’s not thrilled about a pension-related constitutional amendment on next week’s ballot. “In addition to doing nothing to address Illinois’ growing unfunded pension liability or put any real checks on lawmakers’ ability to increase that obligation at will, the amendment presents several technical problems,” writes Emily Miller, the BGA’s police and public affairs coordinator. “It uses new terms found nowhere in the pension code or in the regulations governing pension funds, making it impossible to understand the practical implications of the proposed language.”

Radogno Weight in on Illinois Pension Debate

Illinois Senate Republican Leader Christine Radogno shows no sign of backing down in her opposition to the biggest hurdle in the pension reform debate. Shifting pension costs from the state to local school district remains a non-starter, she says.

Illinois Cut 3% from K-12 Budget in FY13

Due to pension debt, Illinois cut 3 percent from its K-12 education budget in fiscal 2013. Commission on Government Forecasting and Accountability, reported in the State Budget Crisis Task Force Illinois Report

Reboot Illinois Fact of the Day k-12 education budget cuts Commission on Government Forecasting and Accountability, reported in the State Budget Crisis Task Force Illinois Report

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