Pension

The City pays advance pension payment of $242M for the 2023 Budget year as part of a new fiscal responsibility policy that will prevent...

SPRINGFIELD, Illinois, Dec 3 (Reuters) - The Illinois House and Senate approved a long-awaited measure on Tuesday to reform the nation's worst-funded state...

ASSOCIATED PRESS In this Aug. 15, 2012 file photo Mike Phillips, and other union protesters, supporters, and labor leaders boo Illinois Gov. Pat...

  Chicago City Hall. CHICAGO (Reuters) - Chicago's preliminary budget gap is expected to fall next year but is on track to nearly triple...

In Sunday remarks, Mayor Rahm Emanuel again defended the just-announced laying off of more than 2,100 Chicago Public Schools employees, almost 1,000 of them teachers, as unavoidable thanks to both the state of Illinois' pension funding crisis and the city's lowered bond rating. The layoffs, the mayor said, were "avoidable in a sense" had the ...

Detroit's bankruptcy filing has a message for the rest of the county: Your city or state might be next if you don't fix your finances! Unlike the federal government, cities and states can't "print" the money to pay for their promises. And the most egregious promises have been made to public workers, many of whom are now retired and living on ...