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“Everybody’s Not Going To Retire At The Same Time”: Actuary Evaluates Former Illinois Governor Edgar’s Pension Comments

  Last month, former Illinois governor Jim Edgar gave his thoughts on the state’s pension situation. He notably said he didn’t support the state’s pension reform law, and said the following: “I don’t think also you have to have 100 percent funding in the pension plan. Everybody’s not going to retire at the same time. I think you can ...
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Fast-Tracking of Illinois Pension Case Could Be Blocked

Last week, Illinois asked the state Supreme Court to expedite the hearing over the state’s pension reform law. But on Sunday, attorneys representing the state workers and retirees said they could block the attempt to fast track the case. Such a move could drastically change the timeline for the lawsuit’s hearing. From the Southern Illinoisan: In ...
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Illinois Asks Supreme Court to Fast-Track Pension Reform Hearing

Illinois’ Attorney General on Thursday requested that the state supreme court hold hearings on the state’s pension reform law as soon as January and no later than March. From Reuters: Attorney General Lisa Madigan filed a motion to accelerate the state’s appeal of a Nov. 21 Sangamon County Circuit Court judge’s ruling that the law aimed ...
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Illinois Passes Bill To Automatically Enroll 2.5 Million Workers in Retirement Plans

Illinois lawmakers have passed a bill that would allow 2.5 million private-sector employees without retirement plans to enroll in a Roth IRA. Both the House and the Senate passed the bill on Wednesday, and Quinn is expected to sign the measure. Crain’s explains how the program, called Secure Choice, would work: [The program] would apply to employees ...
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How Credit Rating Agencies Reacted to Illinois Pension Ruling

None of the three major rating agencies changed their outlook on Illinois’ credit in the wake of a lower court ruling that deemed the state’s pension reform law unconstitutional. But rating agencies are certainly keeping a close watch on the state as the reform law moves up to the Supreme Court. And all three agencies had something to say after ...
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Reeder: Pension Ruling Puts Illinois in a Bind

Last month, a circuit court struck down Illinois’ pension reform law, deeming it unconstitutional. Scott Reeder, a journalist who has covered politics across the country for 25 years, wrote about what could happen if the Supreme Court upholds the circuit court’s ruling in his column in the Journal Standard: Belz’s ruling sets the stage for the ...
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Chart: The Pension Benefits of Outgoing Illinois Lawmakers

Here’s a rundown of the eligible pensions of Illinois elected officials due to leave office in 2015. In addition to the above pension benefits, any lawmaker who served 4 years in the state’s General Assembly — and was elected before 2011 — can receive free health insurance for their rest of their lives.   Graphic credit: ...
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Former Illinois Governor Jim Edgar Weighs In On State’s Pension Problems; Calls Pension Reform Law A “Huge Mistake”

Jim Edgar, former Illinois governor from 1991 to 1999, sat down with Reboot Illinois this week to discuss the state’s pension crisis and the court ruling that deemed Illinois’ pension reform law unconstitutional. Edgar talked about the ruling and placed fault on lawmakers for not drafting a bill that would pass the scrutiny of the courts. From Reboot ...
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Illinois Borrowing Costs To Rise In Wake of Ruling Overturning Pension Reform

Illinois already has the lowest credit rating of any state in the country. But it could see its borrowing costs rise further after a court law week overturned the state’s pension reform law. From Bloomberg: Illinois bonds are set to weaken after a judge struck down a plan to address the biggest pension deficit among U.S. states, according to Wells ...
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Judge: Illinois Pension Reform Law Is Unconstitutional

A Circuit Court judge ruled Friday afternoon that Illinois’ sweeping pension reform law is unconstitutional. Judge John Belz said in his ruling that the Illinois constitutional makes a promise to protect employee pension benefits. The ruling will be appealed and will soon head to the state Supreme Court. From Crain’s Chicago Business: Sangamon ...
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