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Pensions

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Chicago Pension Reform in Need of More Votes

This article follows the legislative progress of a pension funding plan announced by the City of Chicago April 1 that would bring the Municipal and Laborers pension funds to a 90% funded level by 2054. It cites a Civic Federation…

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Rhode Island’s Landmark Pension Reforms Could Be Adjusted Under Proposed Settlement Agreement

As the legal battle over Illinois’ new pension law continues, courts continue to issue rulings on similar pension changes in other states. Last month, Governor Lincoln D. Chafee, General Treasurer Gina M. Raimondo, and the Federal…

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Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan

This article reports on a pension funding plan announced by the City of Chicago April 1 that would bring the Municipal and Laborers pension funds to a 90% funded level by 2054. Without reforms, both funds face insolvency within 9-17 years…

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Chicago Proposes Pension Funding Reform for Municipal and Labor Funds

Chicago Mayor Rahm Emanuel unveiled a proposal to stabilize the City’s underfunded Municipal and Laborers pension funds on March 31. The 40-year plan includes successive property tax increases to provide additional pension funding coupled…

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Joint Civic Federation - Federal Reserve Bank of Chicago Conference to Feature Keynote Address by Detroit CFO John Hill

The Federal Reserve Bank of Chicago and the Board of Directors of the Civic Federation are pleased to announce a conference on how municipalities in Illinois can avoid or resolve fiscal stress. The half-day conference will take place on…

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Taxable Sales Tax Deal Next Up For Illinois

This article discusses Illinois’ March 11 sale of taxable revenue-backed bonds in the context of the State’s temporary income tax increase scheduled to rollback in January 2015. It cites the Civic Federation’s recommendation to gradually…

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Our View: A real plan to rescue Illinois, Inc.

This editorial highlights the recommendations in the Civic Federation’s State of Illinois FY2015 Budget Roadmap and calls the Federation’s plan a thoughtful, comprehensive…

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Editorial: Federation financial plan sound, but will state listen?

This editorial examines the Civic Federation’s State of Illinois FY2015 Budget Roadmap and calls the Federation’s plan a “reasonable and balanced approach” to addressing…

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Taxing retirement benefits controversial, but viewed by some as matter of fairness

This article focuses on the Civic Federation’s recommendation for Illinois to include federally taxable amounts of retirement income in its income tax base. Of the 41 states that impose an income tax, Illinois is one of only three that…

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Civic Federation Participates in Two National Public Pension Reports

Last month, an independent Blue Ribbon Panel convened by the Society of Actuaries released its…