UPDATE: On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required…
This article discusses a Morgan Stanley Wealth Management poll result that 93 percent of high net worth investors in the Chicago area are worried about the state’s financial well-being despite general optimism about the national and global…
On March 21, 2013, the Illinois House passed a bill that would significantly reduce the State’s pension costs by limiting automatic annual benefit increases for retirees and employees.…
On March 20, 2013, the Illinois Senate rejected a proposal designed to significantly reduce the State's burdensome pension costs but approved a narrower measure that applies only to active teachers outside of the City of Chicago.…
This article discusses securities fraud charges filed by the U.S. Securities and Exchange Commission against the State of Illinois. The charges discuss factors contributing to the State’s pension funding crisis including a 1994 law…
This article covers a vote by the Chicago police sergeants union to reject a proposed contract agreed on by the City of Chicago and sergeants union representatives.…
This segment covers the U.S. Securities and Exchange Commission’s charge against Illinois for allegedly misleading investors between 2005 and 2009 about the level of underfunding of its pension systems. The Civic Federation said the…
This article discusses the State of Illinois’ settlement with the U.S. Securities and Exchange Commission (SEC) over charges that it misled investors between 2005 and 2009 about the degree of underfunding in its employee pension funds. The…
A bipartisan group of Illinois lawmakers has signed onto a new pension reform proposal designed to reduce the State’s massive pension costs.…
