Illinois pension system

Police & Fire Systems Underfunded
2:18 pm
Tue January 31, 2012

Galesburg Looking to Improve Pension Funding

Galesburg Mayor Sal Garza said the city is developing a strategy to avoid the same pension system headaches plaguing the state.

Illinois has billions of dollars in unfunded pension liabilities. While Galesburg's obligations are nowhere near those amounts, Garza is concerned that the police and fire pension systems are receiving less than 60% of what they should be getting from the city.

The city's IMRF (Illinois Municipal Retirement Fund) is at 90%, and Garza would like to bring the police and fire systems up to that level.

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Massive Backlog of Bills
7:19 pm
Mon January 30, 2012

Civic Federation Issues Gloomy Budget Forecast for Illinois

Illinois legislators face more bad budget news. 

A report from Chicago's Civic Federation said the massive backlog of unpaid bills is about to get much worse.

Illinois is expected to owe more than $9 billion by this summer. The figure is expected to continue rising and could hit nearly $35 billion within five years.

Civic Federation president Laurence Msall said the state must  act quickly.

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