Illinois' economy was slow to feel the effects of the Great Recession, and has been slow to recover from it. The state's Department of Commerce and Economic Opportunity is submitting a five-year plan to the General Assembly, with suggestions for business growth and more state spending.
Originally published on Wed June 25, 2014 11:03 am
The Illinois Teachers' Retirement System says it expects a lower return on its pension investments in the next year. That means the state will have to cover more of the cost of teacher pensions.
TRS says it's still a good assumed rate of investment return at 7.5 percent. That falls in line with similar pension systems nationwide. But it's not as profitable as 8-percent, which TRS had been using for the previous few years.
Originally published on Wed March 19, 2014 4:04 am
The election returns in yesterday’s Illinois primary were not even in before the candidates for governor started attacking each other. Republicans chose wealthy investor Bruce Rauner to take on Democratic incumbent Pat Quinn. Brian Mackey looks at the surprisingly close election results, and what’s ahead for the campaign.
Moody's Investors Services downgraded the credit outlook for the state of Illinois from stable to negative. The service cited the "severe pension funding shortfall."
Illinois Treasurer Dan Rutherford said Illinois has the worst credit rating of any state in the US.
“If this doesn't get fixed, then I would hope that those out there that look for services of their Illinois government, to understand that there will be absolutely no ability to increase or even perhaps sustain their funding level," Rutherford said.