A judge has blocked the Illinois pension overhaul from taking effect next month.
Originally published on Fri May 2, 2014 4:54 pm
A court is being asked to prevent any aspect of Illinois' pension overhaul from taking effect, until it's decided whether the law is constitutional. A motion was filed Friday in Sangamon County Court.
Originally published on Thu March 27, 2014 5:03 am
A new report (PDF) says Illinois' pension overhaul will save less money than advertised. Some politicians are trying to make hay out of that. But it might not be such a big deal.
The pension vote came with promises of big savings — $160 billion. Then, after it was already law, a new analysis of the bill said, well, maybe we'll save $145 billion.
This latest report puts savings even lower, at $137 billion.
Illinois already has the worst credit rating among states. While that adds to the cost of borrowing money, Illinois winds up paying even more because investors view it as risky of default.
Illinois labor unions have filed a lawsuit seeking a new plan to reduce the state's $100 billion pension shortfall declared unconstitutional.