The State of Illinois needs to contribute a total of $6.8 billion to its five retirement systems in FY2014 to meet statutory funding requirements, according to recent recommendations by the five systems. The proposed total FY2014…
The Civic Federation supports the City of Chicago’s FY2013 proposed $6.5 billion budget which reduces the City’s reliance on one-time revenue sources while restructuring City government through better managing personnel expenditures.…
This editorial discusses Moody’s Investor Service’s most recent downgrade CPS in the wake of a new labor contract for teachers and rising pension costs. The Civic Federation says CPS cannot afford to wait for leadership from the Illinois…
The State of Illinois’ largest pension fund recently revised several key assumptions that affect the fund’s financial condition and the contributions that must be made by the State under Illinois law. As discussed…
Trend analysis performed by the Civic Federation shows that the funded status of the Cook County Pension Fund fell again in fiscal year 2011, the most recent year for which data are available. The actuarial funded ratio for the County…
Chicago aldermen are meeting October 1 for a six-hour session detailing the City’s pension funding crisis. The Civic Federation said fixing the broken system will require shared sacrifice from taxpayers, retirees and current employees,…
Officials from the City of Chicago’s five public employee pension funds will brief aldermen on the state of the plans at an October 1st meeting of the City Council’s Workforce Development and Audit Committee.. The Civic Federation said…
The State’s largest retirement system voted on September 21, 2012 to reduce its assumed rate of return on investment, a decision that will increase the annual State contribution required by law beginning in FY2014. The Board of Trustees of…
Since 1988, the City of Chicago and its four pension funds have been party to the settlement of…
This editorial discusses the ongoing struggle many governments face in trying to fund benefits for public-sector employees without cutting public services. The piece stresses the urgency of addressing unsustainable pension costs, citing…
