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Chicago Could See Credit Downgrade If Pension Changes Are Suspended Pending Lawsuit

Unions and retirees are currently challenging Chicago’s 2014 pension changes, and they are asking a judge to stop the implementation of the changes – which took effect Jan. 1 – until the lawsuit is resolved. But a Chicago official said on Thursday that such an injunction could spur a credit rating downgrade from all three major rating agencies. From ...
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Texas Pension Official Calls For Better Funding, Offers Options to Lawmakers

The executive director of Texas’ Employee Retirement System testified in front of the state Senate Finance Committee. Executive Director Ann Bishop used the opportunity to call for measures to improve the system’s funding, and warn that credit downgrades could be coming sooner than later if lawmakers stand pat. Bishop offered lawmakers some options ...
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Illinois Pensions Get $50 Million From S&P Settlement

Credit ratings agency Standards & Poor’s announced a $1.375 billion settlement with 18 states today over the alleged inflated ratings it gave mortgage-backed securities which eventually turned toxic. Illinois will receive a $52.5 million chunk of that settlement – with most of the money going towards its pension systems. More from the Chicago ...
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Texas Pension Official: Liabilities Could Hurt State Credit Rating Sooner Than Later

Texas budget analysts and pension officials are attempting to draw lawmakers’ attention to the unfunded liabilities of the Employee Retirement System of Texas. The analysts and the director of the pension system say the liabilities, if left unaddressed, could lead to a credit downgrade for the state. From the Austin American-Statesman: At a legislative ...
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