Tag Archives: Illinois pensions

After No Pension Deal, Fitch Lowers Illinois’ Credit Rating

Illinois’ credit rating has suffered another downgrade. It follows the General Assembly’s adjournment Friday without any agreement on what to do about the state’s pension systems. A string of previous downgrades already left Illinois with the lowest bond rating in … Continue reading

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Pension Standoff Remains Heading Into Last Day Of Session

The Illinois Senate overwhelmingly rejected legislation on Thursday that would curtail government employees’ and teachers’ retirement benefits. It raises the question of whether lawmakers will do anything to address Illinois’ indebted retirement systems before they adjourn Friday night. The pension-cutting … Continue reading

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Madigan, Schools Meet Over Pension “Cost Shift”

Illinois House Speaker Michael Madigan says shifting the cost of employee pensions from the state to local school districts “is going to happen.” And for the first time, schools sounded receptive to the idea during a hearing Thursday. Madigan didn’t … Continue reading

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Rep. Lang Proposes Making Income Tax Increase Permanent

A top Democrat in the Illinois House says the state’s temporary income tax increase should become permanent. The money would be used to help fix the state’s underfunded pension systems. Chris Slaby reports. When Illinois’ income tax rate went from … Continue reading

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Illinois Bond Rating Lowered Yet Again

Illinois lawmakers’ failure to pass a pension overhaul has led to yet another downgrade of the state’s bond rating. Amanda Vinicky has more. Illinois’ rating has taken its second hit in just as many weeks. This time, Standard and Poor’s … Continue reading

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Pension Negotiations Continue as S&P Pushes for Resolution

A credit ratings agency is disappointed that the legislature adjourned without taking action on lowering pension costs.  Its analysts want a quick resolution.  The governor and legislative leaders met today but failed to reach an agreement.  Amanda Vinicky reports:

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