pensions

State of Illinois

Legislators passed a law overhauling the state's retirement systems. Soaring pension debt remains a concern. The law's constitutionality is also in question. It reduces workers' and retirees' benefits, and raises the retirement age.

Judge Puts Hold On Pension Reform Law

May 15, 2014
flickr user / Brian Turner (CC BY 2.0)

Sangamon County Circuit Court Judge John Belz has issued a temporary restraining order that prevents Illinois' pension reform law from being implemented until questions about the law's constitutionality and a suit challenging it can be resolved.  The law was scheduled to take effect June 1. 

Five lawsuits by groups representing state workers and retirees challenging the law have been consolidated in Sangamon County court.   

It's a temporary victory for government employees who say the law is unconstitutional.

Pension Committee Update

Sep 27, 2013
Brian Mackey / IPR

A special committee has been negotiating over how to solve the pension problem for more than 12 weeks. 

State Rep. Elaine Nekritz, D-Northbrook, is careful these days when she talks about the status of pension deliberations, and especially when asked how close legislators are to reaching a deal.

"I have actually stopped making predictions publicly, because I have been so wrong, that I'm a little bit embarrassed at this point," she says.

Illinois Public Radio

The estimated savings on a state pension proposal backed by Illinois House Speaker Mike Madigan is billions of dollars less than originally thought.  

The Teachers Retirement System made a mistake in its calculations. The revision was outlined in a letter to the bipartisan panel working on solving Illinois' pension shortfall.

ilga.gov

Illinois lawmakers and Governor Pat Quinn remain at a standstill over a pension overhaul plan. Legislative leaders sued the Governor last week after he blocked lawmaker paychecks because of inaction on the state's growing pension obligations.

Pages