chicago

On Pensions, Chicago Mayoral Candidates Mum on Specifics

On Friday, Chicago’s five mayoral candidates debated in front of the Chicago Sun-Times Editorial Board, seeking the newspaper’s endorsement. Pensions was among the first issues to come up – and while everyone agreed that Chicago’s pension debt needs to be tamed, the candidates were largely mum on specific ways to accomplish that goal aside ...
chicago

Illinois Supreme Court Pension Ruling May Not Affect Chicago Reforms, Say Lawyers

The City of Chicago filed a brief with the state Supreme Court last week in support of the state’s pension reform law, in part because the city has its own set of pension reforms that could be impacted by the ruling. But even a ruling overturning the state’s pension law might not affect Chicago’s own reforms, a lawyer for the city said Wednesday. From ...
palm-tree

Jacksonville Mayoral Candidate Wants to Use Sales Tax to Pay Down Pension Debt

Bill Bishop, a candidate for mayor of Jacksonville, this week addressed one of the city’s hottest topics: pension debt and reform. Bishop said he would levy a sales tax increase and use the revenue to pay down the city’s pension debt. From the Florida Times-Union: City Councilman Bill Bishop, who is running for mayor, said Monday during a forum ...
palm-tree

Pension Board to Cast Final Vote on Florida Reforms

The board of Jacksonville’s Police and Fire Pension Fund will vote Monday on a pension reform measure that would improve its funding status but also affect member benefits. The measure was passed by the City Council in early December. More from the Jacksonville Business Journal: The final status of the pension reform package, which calls for a mix ...
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Cincinnati Strikes Pension Deal; City to Pay More, Retiree Benefits Reduced

After nearly a year of negotiations, Cincinnati and its public workers have reached an agreement that aims to increase the sustainability of the city’s pension system. The city will contribute significantly more money to the pension system. In exchange, retirees will not see a cost-of-living adjustment for the next three years and will see smaller ...
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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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Unions Approve Omaha Pension Reforms

A third union has approved a contract with the city of Omaha, Nebraska that features major pension changes. Among the changes: new employees will be shifted into a cash balance plan and the full retirement age will be raised. In exchange, Omaha will increase its payments into the city’s pension fund and employees will receive a raise. From NBC Omaha: Monday, ...
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