Posts tagged "retiree benefits"
Springfield is poised to vote today or tomorrow on a proposal to raise state income taxes 75 percent. But this tax increase would not reduce the $140 Billion in unfunded obligations for pension and retiree health care by a nickel. Legislators also plan to continue borrowing to pay for this largely unfunded program. ... Read more »
Illinois Is Broke – and public employee retirement programs are at the root of the problem. Unfunded retiree-related obligations for public employees and retirees in State pension plans now total over $130 Billion – more than $25,000 per Illinois household. The funding requirements for these programs are growing – totaling Billions of dollars each year... Read more »
Illinois is broke. In the short run, it is running out of cash – and borrowing to cover its own operations as well as to fund health care, schools, local governments and social services. Or it simply fails to pay its bills – borrowing, in effect, from its suppliers. In the longer run, Illinois operates... Read more »
By R. Eden Martin David Vaught, Gov. Pat Quinn’s budget director, told Bloomberg News last week that the governor, if re-elected, would seek to increase the state income tax on personal income from 3 percent to 5 percent next January. The campaign of his Republican opponent, state Sen. Bill Brady, immediately jumped on this story,... Read more »
By R. Eden Martin The Evanston Review reported July 28 that the director of the union-backed Illinois Retirement Security Initiative (IRSI) recently told an Evanston audience that reforming the state’s pension system would “… jeopardize the state’s ability to hire the best people for public sector positions.” (“Speaker: Pension bloat overblown”) Your readers should make... Read more »
Illinois is facing a $13 billion budget deficit and doesn’t have enough money to pay its bills…and our lawmakers have skipped town. Faced with the opportunity to address the financial problems burdening our state, our elected officials – respectively – declined, staving off a vote on the pension borrowing bill and sending an unbalanced budget... Read more »
Budget discussions resumed yesterday in Springfield with Gov. Quinn still pitching a “long shot plan” to borrow $3.7 billion for a pension payment. However, Sun-Times reporter Steve Contorno writes that without Republican support, the pension payment is likely to get skipped, ultimately costing the state billions more in the future – ahem, billions more? While... Read more »