Illinois pensions

12:52 pm
Thu June 6, 2013

Illinois' Bond Rating Downgraded 2nd Time In Week

A second major rating agency is downgrading Illinois' credit worthiness.  Moody's Investors Service lowered the state's $27 billion in outstanding bond debt to A3 from A2. The new rating's three levels above junk status. 

Read more
5:03 am
Thu May 30, 2013

Lawmakers Discuss Higher Education Funding, Pensions

Reps. Darlene Senger (left) and Elaine Nekritz discuss pensions in a Statehouse conference room.
Credit Brian Mackey / Illinois Public Radio

Illinois Democrats continued approving a new state budget on party-line votes. The Senate approved spending plans for education --  from elementary and high schools to colleges and universities -- with funding pretty much at last year's level.

Cuts proposed earlier this year by Governor Pat Quinn did not materialize, partly because Illinois collected more tax money than it expected in April.

Sen. Dan Kotowski, D-Park Ridge, says funding for higher education is critical because it's tied to the problem of unemployment.

Read more
8:42 am
Fri May 3, 2013

Illinois House Approves Madigan's Pension Reform Plan

Credit state of Illinois

One of the toughest issues facing Illinois lawmakers is moving along in the legislature. The House approved a plan supported by House Speaker Michael Madigan this afternoon. It now moves to the Senate.

Read more
5:00 am
Wed May 1, 2013

Illinois House Committee Approves Pension Plan Introduced By Speaker

House Speaker Mike Madigan

UPDATE: The Illinois House is poised to vote Thursday on an overhaul of the state's pension systems. It would reduce state workers', teachers', and university employees' future retirement benefits. The plan easily advanced out of a House committee Wednesday morning.

Read more
4:49 am
Thu March 21, 2013

Senate Passes Pension Overhaul For Downstate Teachers

Senator Dave Koehler, D-Peoria

The Illinois Senate has passed a pension overhaul, but it only affects suburban and downstate teachers.  It doesn't touch state employees' and university workers' retirement benefits.

Read more
6:02 am
Tue March 12, 2013

SEC: Illinois Misled Investors

Rep. Tom Cross

Republican Leader Says Investigation Highlights State's Pension Problem

Illinois has agreed to disclose more about its underfunded pensions systems following a Securities and Exchanges Commission investigation.

Read more
Illinois Government
4:28 am
Fri March 8, 2013

House Approves Cap On Salary Amount For Pensions

Rep. David Harris

The Illinois House continued test votes on measures to address the state's pension problem ... and after a series of failures, one finally passed. Most Republicans are still boycotting the process.

Read more
6:10 am
Fri February 8, 2013

Constitutional Change Proposed In Illinois Pension Debate

State Representative Joe Sosnowski
Credit Illinois General Assembly

A lack of a pension overhaul in Springfield has prompted one lawmaker to propose changes to Illinois' constitution. The bill aims to strip a key provision that has been at center of negotiations.

Read more
Highlights and Reaction
5:35 am
Thu February 7, 2013

State Of The State 2013

Illinois lawmakers listen to Gov. Pat Quinn during his State of the State address on February 6, 2013
Credit Chris Slaby / Illinois Public Radio

Illinois Governor Pat Quinn gave his State of the State address this week. He repeatedly hammered a theme of political courage during his speech to the General Assembly.

Read more
5:09 pm
Mon January 7, 2013

Pension Reform Passes Committee, No House Vote Yet


There’s no deal on a pension reform plan at the Illinois Capitol…yet.

The Illinois House adjourned without a floor vote on a contentious plan to change the state’s troubled public employee pension system. An Illinois House committee today gave bi-partisan approval to a plan sponsored by Representative Elaine Nekritz. She says she expects it to be called for a vote by the House Tuesday, at the earliest.

Read more