The pension-funding crisis undermining the stability of Illinois and Chicago is rippling through hundreds of smaller governments, squeezing budgets as officials prop up teetering police and fire retirement funds.
Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.
Nationwide, state revenue growth in the years first three months rose less than 1 percent from a year earlier, forcing reconsideration -- or abandonment -- of pledges of tax relief.
The measure aimed at restoring retirement funds for laborers and municipal workers passed today in Springfield, the capital, by a vote of 73 to 41 and moved to the Senate.
The unions, which include the biggest organizations representing state workers, called legislation signed into law last month by Democratic Governor Pat Quinn to reduce the shortfall theft, according to a statement.
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{
"uri": "/2015/10/14/illinois-to-delay-pension-payment-due-to-cash-shor/",
"title": "Illinois to delay pension payment due to cash shortage",
"byline": " Elizabeth Campbell, Tim Jones ",
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"summary": "Illinois will delay pension payments, Comptroller Leslie Geissler Munger said.",
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"uri": "/2015/08/25/illinois-towns-drowning-in-pension-debt-from-hundr/",
"title": "Illinois towns drowning in pension debt from hundreds of funds",
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"prettyDate": "August 25, 2015",
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"summary": "The pension-funding crisis undermining the stability of Illinois and Chicago is rippling through hundreds of smaller governments, squeezing budgets as officials prop up teetering police and fire retirement funds.",
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"uri": "/2014/06/10/chicago-pension-rescue-targets-9-4-billion-deficit/",
"title": "Chicago pension rescue targets $9.4 billion deficit",
"byline": " Tim Jones and Brian Chappatta ",
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"prettyDate": "June 10, 2014",
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"summary": "Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.",
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{
"uri": "/2014/05/07/chicagos-biggest-bondholders-torn-on-citys-future/",
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"summary": "The delay is reminiscent of the political gridlock that plagued Illinois for years as its credit rating sank.",
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"uri": "/2014/05/06/tax-cut-promises-meet-reality/",
"title": "Tax-cut promises meet reality",
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"prettyDate": "May 06, 2014",
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"summary": "Nationwide, state revenue growth in the years first three months rose less than 1 percent from a year earlier, forcing reconsideration -- or abandonment -- of pledges of tax relief.",
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"uri": "/2014/04/23/chicago-pension-measures-in-doubt/",
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"summary": "Its decision time in Chicago, the moment to rescue sinking pensions that could pull the city under. And nothing is happening.",
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{
"uri": "/2014/04/08/illinois-house-approves-measure-to-repair-chicago/",
"title": "Illinois House approves measure to repair Chicago pensions",
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"prettyDate": "April 08, 2014",
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"summary": "The measure aimed at restoring retirement funds for laborers and municipal workers passed today in Springfield, the capital, by a vote of 73 to 41 and moved to the Senate.",
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"uri": "/2014/03/27/illinois-gov-quinn-proposes-keeping-income-tax-inc/",
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"prettyDate": "March 27, 2014",
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"summary": "The nations fifth-most-populous state, is digging out of a hole created by years of pension underfunding.",
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"uri": "/2014/03/05/chicago-creeps-closer-to-junk/",
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"summary": "Chicagos credit rating was cut one level to Baa1 by Moodys Investors Service, which cited massive pension liabilities.",
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{
"uri": "/2014/01/28/illinois-unions-sue-to-stop-100-billion-pension-fu/",
"title": "Illinois unions sue to stop $100 billion pension funding fix",
"byline": "Andrew Harris and Tim Jones",
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"prettyDate": "January 28, 2014",
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"summary": "The unions, which include the biggest organizations representing state workers, called legislation signed into law last month by Democratic Governor Pat Quinn to reduce the shortfall theft, according to a statement.",
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