A pension reform proposal introduced in the Illinois General Assembly late last year could immediately reduce the State’s required annual contributions by nearly $2 billion, according to recent actuarial reports. As discussed here, a bipartisan group of legislators unveiled House Bill 6258 on December 5, 2012 as a way to help resolve the State’s pension funding crisis. HB6258 applies to four of the five State-funded pension systems: the Teachers’ Retirement System (TRS), the State Employees’…
At a press conference on January 3, the Civic Federation joined with a group of other civic organizations including the Better Government Association, the Metropolitan Planning Council and the Chicago Urban League to urge the Illinois General Assembly to embrace the bipartisan pension reform framework established by House Bill 6258. The Federation co-authored and signed the following joint statement calling on the General Assembly to move forward on comprehensive pension reform without delay.…
Throughout this year’s Illinois budget negotiations, the IIFS blog was a valuable source of information and focus in the State’s murky and complex budget process. This year’s negotiations included a groundbreaking effort to address the Medicaid funding gap, new pension reform proposals and yet another downgrade to the State’s credit rating. Budget Negotiations The Institute started the year with a report projecting an alarming increase in the State’s backlog of unpaid bills. The report was…
This blog has previously addressed unfunded costs in the State of Illinois’ FY2013 budget, including costs relating to Medicaid and employee and retiree group health insurance. As discussed here, these costs will increase the State’s backlog of unpaid bills unless they are covered by supplemental appropriations. Another area with unfunded costs is the Community Care Program in the Illinois Department on Aging. Established in 1979, the program is designed to allow seniors to stay out of nursing…
If the U.S. Congress is unable to agree to an alternative to the automatic $491 billion in combined tax increases and spending cuts set to take place in January 2013, many are predicting dire national economic consequences. Additionally, Illinois and other states will also see a major decrease in available resources if the so called “fiscal cliff” comes to fruition. According to the Illinois Department of Revenue (IDOR) the State could lose more than $1.0 billion in combined FY2013 and FY2014…
On the final day of the General Assembly’s fall veto session, a bipartisan group of State legislators unveiled a new pension reform proposal designed to help resolve the State’s pension crisis. Governor Pat Quinn has called on the General Assembly to make pension reform its top priority and to take action by January 9, 2012, when the newly elected members of the legislature will be sworn in. The total unfunded liability of the State’s five retirement systems stood at $96.8 billion, as of June…
UPDATE: House Bill 6253, which would lift the Illinois moratorium on Medicaid expansion for those who will be eligible under national healthcare reform in 2014, has been filed in the Illinois General Assembly. Watch this space for more information about Medicaid expansion under the Affordable Care Act. Original blog published on November 20, 2012
The Institute for Illinois’ Fiscal Sustainability released a new report today that provides an overview of the condition and funding of Illinois infrastructure. As discussed in a previous post, one of the report’s functions is to compile needs assessments from a number of public agencies to provide an aggregate evaluation of the state of Illinois’ infrastructure, from drinking water to roads to rails. In addition, the report highlights gaps in available data, examines how capital is financed in…
This report provides an overview of the condition and funding of Illinois infrastructure based on a compilation of various needs assessments from public agencies that manage infrastructure in the State including the Illinois State Toll Highway Authority, the Regional Transportation Authority, the Metropolitan Pier and Exposition Authority and the Illinois Sports Facilities Authority. The Civic Federation found that State and local governments could need to invest more than $300 billion over…
Federation Calls Gaming Bill a Major Distraction from Pension Reform The Civic Federation supports Governor Pat Quinn’s veto of Senate Bill 1849, which would authorize casino gambling in Chicago and significantly expand gambling in other parts of Illinois. Governor Quinn’s veto of Senate Bill 1849 awaits action by the Illinois General Assembly. In his veto message, the Governor emphasized deficiencies in the proposed gambling expansion’s regulatory oversight and ethical requirements. The…
