Friday, January 25, 2013
State Treasurer Dan Rutherford says poor credit rating will cost taxpayers.
Standard & Poor’s rating services downgraded Illinois’ credit rating today to A-, with a negative outlook, making it the lowest rating of all 50 states. State Treasurer Dan Rutherford blamed the negative rating on inaction on the public pension system by Gov. Pat Quinn and the general assembly, at a press conference today. Illinois has a $96 billion pension deficit. Rutherford pointed out numerous instances in which the state had set a deadline to address pension reform and did not meet the deadline, which was followed by a downgrade in the state’s credit rating. “Every time a deadline is set and nothing happens substantively, there is a negative action by rating agencies, Rutherford said. Rutherford explained that the poor credit rating …
Sunday, October 28, 2012
Pension-related amendment to state constitution on Nov. 6 ballot is confusing, catastrophic and fake reform, say foes and legal experts. What you need to know before you vote.
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Sunday, October 28, 2012
By Jayette Bolinski, Illinois Watchdog SPRINGFIELD — Opposition to a proposed pension-related constitutional amendment that will go before Illinois voters Nov. 6 is creating strange bedfellows — from public employee unions to good-government groups that agree the question is not worthy of a change to the state’s constitution and does nothing to address the pension crisis. Groups opposed to the amendment are numerous and come from all walks of life. It’s no surprise that public-employee unions are opposed to the amendment, which requires a three-fifths majority vote before any public body can approve a pension benefit increase. Good-government groups, such as the Center for Tax and Budget Accountability and the Illinois Policy Institute, …
Monday, October 17, 2011
Chicagoland news to talk about: Police find 5-foot alligator at alleged marijuana grow house.
Drowning in deficits, Illinois has turned to a deliberate policy of not paying billions of dollars in bills for months at a time, creating a cycle of hardship and sacrifice for residents and businesses helping the state carry out some of the most important government tasks. Once intended as a stop-gap, the months-long delay in paying bills has now become a regular part of the state's budget management, forcing businesses and charity groups to borrow money, cut jobs and services and take on personal debt. Illinois lawmakers are trying to close pension loopholes — they created — that are allowing union leaders to cash in on public pensions. Legislation from state Sen. Matt Murphy, R-Palatine, and House GOP Leader Tom Cross, R-Oswego, targets…
John Parker
9:16 pm on Wednesday, May 8, 2013
The 630 educators who retired from District 211 (Schaumburg, Hoffman Estates, Palatine) averaged pension payments of $86,982 last year, almost twice the state average, according to records from the Illinois Teachers' Retirement System. To put this in context, the total pension debt-per-household in Suburban North West Cook County is $35,774 more ›