St. Louis Firefighters continue to fight to save their pension system — despite a court ruling that found the city has the authority to change the plan.
The overhaul, approved by the General Assembly this week after years of delay and inaction, cuts benefits for most employees and retirees.
After years of inaction, Illinois lawmakers have approved a historic plan to finally close the gap on the state’s $100 billion public pension shortfall, which is considered the nation’s worst.
Cook County Circuit Judge said oral arguments will be presented Sept. 18 for the lawsuit filed by Illinois House Speaker Michael Madigan and Senate President John Cullerton.
The Motor City’s meltdown has Slay’s attention but he says he’s not taking a look at any changes to fiscal policy based on what happened in Detroit.
State Comptroller Judy Baar Topinka told The Associated Press she will have no choice but to withhold paychecks to 177 lawmakers.
With a calm but scolding tone, the Democrat facing re-election in 20 months used tough language to describe the pension hole that will suck nearly $7 billion of the state’s general revenue in the coming year.
One suggestion: extend the temporary income tax increase, set to expire in 2015, and earmark that revenue towards paying the pension obligations.
John C. Bambenek, a Champaign resident who’s now running for the state Senate, is suing the state Board of Elections over the amendment.
The downgrade, from A+ to A, leaves Illinois with the nation’s second-lowest rating from S&P.