Tag: Illinois

Pension

Illinois Court Strikes Down Chicago Pension Reforms, Deepening City’s Financial Crisis

Via Cadwalader.com, By The Associated Press, Cadwalader.com, July 29, 2015, On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other things, reducing benefits.1  Judge Novak viewed as controlling a decision by the Illinois Supreme Court from May … Continue reading Illinois Court Strikes Down Chicago Pension Reforms, Deepening City’s Financial Crisis

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Mid-America Pension Rights Project, Pension

Illinois’ $105-billion public pension fix struck down by state Supreme Court

Via LA Times, By Michael Muskal, LA Times May 9, 2015 Taxpayers are facing a $1-trillion public pension headache across the nation — and that remains untouched after an Illinois Supreme Court ruling on Friday. The top court in Illinois unanimously threw out a legislative fix designed to erase a $105-billion pension liability the state is facing. In its 38-page written opinion, the court said … Continue reading Illinois’ $105-billion public pension fix struck down by state Supreme Court

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