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.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Friday, May 17 2013 2:26 PM EDT2013-05-17 18:26:00 GMT
The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
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The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Thursday, May 16 2013 1:51 PM EDT2013-05-16 17:51:56 GMT
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Saturday, May 18 2013 11:26 PM EDT2013-05-19 03:26:02 GMT
Seven juveniles were arrested Saturday night after police responded to groups of teens running through traffic around North Michigan Avenue on the Gold Coast.
Seven juveniles were arrested Saturday night after police responded to groups of teens running through traffic around North Michigan Avenue on the Gold Coast.
Saturday, May 18 2013 10:12 PM EDT2013-05-19 02:12:56 GMT
Three men were killed and at least 10 other people were hurt -- including a 12-year-old boy left in critical condition -- in shootings around the city since Friday night.
Three men were killed and at least 10 other people were hurt -- including a 12-year-old boy left in critical condition -- in shootings around the city since Friday night.
Friday, May 17 2013 10:37 PM EDT2013-05-18 02:37:06 GMT
On Friday, the current Chicago Teacher's Union President Karen Lewis announced that she has been re-elected and says she won with 80 percent of the vote.
On Friday, the current Chicago Teacher's Union President Karen Lewis announced that she has been re-elected and says she won with 80 percent of the vote.
