LIVESTREAM: Illinois Supreme Court – Pension Arguments

UPDATE [3:30 PM CST]: The arguments have concluded, but you can still watch the full proceedings by clicking the video above, or by clicking here. The action begins at around the 15:00 mark of the video.

Texas Bill Seeks to Boost Employee, Employer Pension Contributions

The Texas House of Representatives unveiled a bill on Tuesday aimed at shoring up the funding status of its pension system. The reforms specifically target members of the Employees Retirement System (ERS), which is 76 percent funded. The bill would boost contributions to the System for both employees and employers. More details from the Texas Tribune: The ...

How Would Illinois’ Supreme Court Pension Ruling Affect Public Schools?

Arguments will soon be underway in the lawsuit challenging the constitutionality of Illinois’ 2013 pension overhaul. Many observers expect the state Supreme Court to uphold the opinions of lower courts and rule the pension law unconstitutional. If the law were overturned, what would it mean for Chicago Public Schools? In a column in the Chicago Tribune ...

Pennsylvania Gov. Budget Proposal: Overhaul Pension Investment Strategy and Cut Fees, Managers

Pennsylvania Gov. Tom Wolf released his first budget proposal last week, and there were several items of interest related to pensions. On Wednesday, Pension360 covered Wolf’s proposal for issuing $3 billion in pension bonds to attempt to shore up the funding of the state’s two major pension systems. But Wolf is also proposing an overhaul of the ...

Union Leaders React to Christie Reform Proposals

Last week, New Jersey Gov. Chris Christie unveiled a series of pension proposals that include freezing the current pension system for active employees and shifting them into a hybrid cash balance plan. Throughout the week, union leaders publicly expressed their thoughts on the proposals. Public safety unions weighed in, from NJ.com: Patrick Colligan, ...

Chicago Slapped With Credit Downgrade; Moody’s Cites Pension Liabilities As City Flirts With Junk Status

Credit rating agency Moody’s hit Chicago with a credit downgrade on Friday, cutting the city’s rating to Baa2 – two steps above junk bond status. Notably, Moody’s indicated that the city could face future downgrades even if its 2014 pension reforms withstand legal challenges. Pension360 has covered the city’s ballooning pension payments, ...

New Jersey Pension Commission Release Report; Proposal Would Bring Savings to State, Cuts to Workers

New Jersey Gov. Chris Christie unveiled a series of pension reform proposals at his budget address yesterday. But he’s taking his cues from a just-released report from his pension commission, which he set up in the summer of 2014. Christie acknowledged in mid-2014 that future pension changes would likely mean benefit cuts for workers. Now, we are ...

New Jersey Lawmakers Warn of “Devastating” Budget Cuts in Wake of Court Pension Decision

A New Jersey Superior Court judge ruled this week that the state acted illegally when it cut its contribution to the state pension system in 2014. If the state’s appeal of the ruling fails, it will have to come up with an additional $1.57 billion in 2015 in order to make its full payment to the pension system. That money isn’t yet budgeted for ...

Chicago Pension Lawsuits Put on Hold Pending Supreme Court Ruling

Two lawsuits, both challenging the legality of recent pension reforms enacted by Chicago, have been put on hold until the Illinois Supreme Court rules on the state’s pension overhaul. The plaintiffs filed the motion to put the lawsuit on pause, and it was approved on Thursday. More from Reuters: Lawsuits seeking to void a law aimed at shoring up ...

Illinois Gov. Rauner Would Fine Schools For “Spiking” Pensions

Illinois public schools that hand out late-career pay raises could be subject to heightened penalties under the Rauner administration. Gov. Bruce Rauner this week laid out a series of pension-related measures as part of his budget proposal; among them was the idea of levying a penalty on schools that give late-career raises to teachers. Illinois already ...
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