The following are summaries of the five most-read posts presented on the Civic Federation’s blog in 2023, listed here in chronological order. The posts examine issues related to Illinois taxes and debt, Tier 2 Benefits, the SAFE-T Act, and the tragic passing of Civic Federation President Laurence Msall.
Policy Brief: Tier 2 Pensions and Safe Harbor ExplainedThe Civic Federation partnered with the Civic Committee of the Commercial Club of Chicago to draft this policy brief to explain Tier 2 pensions in Illinois and the Safe Harbor issue.
Policy Brief: Tier 2 Pensions and Safe Harbor ExplainedThe Civic Federation partnered with the Civic Committee of the Commercial Club of Chicago to draft this policy brief to explain Tier 2 pensions in Illinois and the Safe Harbor issue.
In this blog post, the Civic Federation analyzes indicators of the fiscal health of the City of Chicago’s four pension funds based on the most recent FY2022 actuarial reports, dated December 31, 2022. The City of Chicago’s pension funds are severely underfunded due to a combination of statutory underfunding, benefit enhancements, investment losses, optimistic assumptions and other long-term…
In this blog post, the Civic Federation analyzes indicators of the fiscal health of the Cook County pension fund based on the most recent FY2022 actuarial report as of December 31, 2022. Compared to many other pension funds in Illinois, Cook County’s pension fund is in more sustainable financial shape. This is due in large part to employer contributions made by the County above and beyond the…
The Civic Federation submitted the following written testimony to Chairperson Kifowit and Members of the House Personnel & Pensions Committee on August 9, 2023.Dear Chairperson Kifowit and Members of the House Personnel & Pensions Committee: As the House Personnel and Pensions Committee considers a path forward for Tier 2 pensions in Illinois this year, the Civic Federation urges…
With the upcoming implementation of an elected school board to oversee Chicago Public Schools, the governance of CPS will be separated from the City of Chicago. The 21-member elected school board, set to replace the existing seven-member board appointed by the Chicago mayor, will be phased in beginning in 2025, with the fully elected board in place beginning in 2027. The separation raises…
The Civic Federation submitted the following written testimony in opposition to SB 1639 and SB1630 to Chairperson Kifowit and Members of the Personnel & Pensions Committee on May 10, 2023. The same written testimony was also submitted by the Civic Federation to Chairperson Martwick and Members of the Senate Special Committee on Pensions on May 18, 2023. Dear Chairperson Kifowit and…
On April 20, 2023 two bills passed out of committee in the Illinois House of Representatives that would increase pension benefits for Chicago firefighters hired after 2010. Senate Bills 1629 and 1630 are now on second reading in the House after passing unanimously in the Senate earlier in the session. The Civic Federation is concerned about these and other proposals that would enhance benefits…
This blog post examines the Chicago Public Schools’ contributions to the Chicago Teachers’ Pension Fund in the FY2023 budget and the funding status of the Pension Fund based on financial health indicators. Additional descriptive information about teachers’ pension benefits and history can be found in past budget analyses.[1] Members of the Chicago Teachers’ Pension Fund Certified CPS teachers…
