Illinois pension fix would offload teacher retirement
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SPRINGFIELD, Ill. (Associated Press) -
The top Republican in the Illinois House and the Democrats' chief pension-reform negotiator are teaming up for another run at the state's retirement-fund crisis.
Minority Leader Tom Cross and Democratic Rep. Elaine Nekritz proposed a new fix Wednesday they say would reduce the debt by $30 billion and eventually move the state away from funding teacher and university professor pensions.
It's the latest twist on a problem that has bedeviled lawmakers for more than a year. Decades of state underfunding has left Illinois' five pension accounts $96 billion short of what they need to cover all workers.
The new wrinkle would make public school and university employees enter a system that includes a 401(k)-style plan and negotiated contributions by the local employer.
Saturday, May 25 2013 10:50 AM EDT2013-05-25 14:50:09 GMT
The tornado that struck Oklahoma on Monday took a devastating toll in the number of lives lost and property destroyed. But amidst the anguish and destruction there is another heart-wrenching tragedy.
The tornado that struck Oklahoma on Monday took a devastating toll in the number of lives lost and property destroyed. But amidst the anguish and destruction there is another "heart-wrenching" tragedy -- displaced pets.
Monday, February 25 2013 1:41 PM EST2013-02-25 18:41:37 GMT
Just as Oscar host Seth MacFarlane set his sights on a variety of targets with a mixture of hits and misses, the motion picture academy spread the gold around to a varied slate of films.
Just as Oscar host Seth MacFarlane set his sights on a variety of targets with a mixture of hits and misses, the motion picture academy spread the gold around to a varied slate of films.
Saturday, May 25 2013 11:04 AM EDT2013-05-25 15:04:24 GMT
City residents sick of coupons piling up on their front doorsteps filed a civil lawsuit earlier this month urging the Chicago Tribune and Valassis Communications to stop distributing the mailings.
City residents sick of coupons piling up on their front doorsteps filed a civil lawsuit earlier this month urging the Chicago Tribune and Valassis Communications to stop distributing the mailings on their properties.
Friday, May 24 2013 12:58 PM EDT2013-05-24 16:58:00 GMT
CTA Ventra payment card holders who use the card's controversial debit features won't be charged for talking to public transit customer service operators or using the cards for cash ATM withdrawals.
CTA Ventra payment card holders who use the card's controversial debit features won't be charged for talking to public transit customer service operators or using the cards for cash ATM withdrawals.
Friday, May 24 2013 9:32 AM EDT2013-05-24 13:32:16 GMT
Some aldermen have questions as a City Council committee gets ready to hold a hearing on Mayor Emanuel's proposed changes to the Chicago parking meter deal.
Some aldermen have questions as a City Council committee gets ready to hold a hearing on Mayor Emanuel's proposed changes to the Chicago parking meter deal.
Thursday, May 23 2013 10:40 PM EDT2013-05-24 02:40:45 GMT
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
Wednesday, May 22 2013 8:53 AM EDT2013-05-22 12:53:15 GMT
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
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