Chicago’s bonds are trailing the municipal market, a sign that investors are leery about the city’s finances as Illinois Governor Pat Quinn decides today whether to sign a bill fixing the metropolis’s pensions.
Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.
To show how badly public pensions have been short-changed, Securities and Exchange Commissioner Daniel Gallagher mentioned a place where every household owes $88,000 for promises the government made to retirees.
Private-equity mogul Bruce Rauner jabs his left index finger at the Chicago ballroom crowd after his victory in Illinois’s Republican primary election, vowing things will change in the debt-strapped state if voters choose him as governor in November.
As Governor Chris Christie breaks a pledge to bolster New Jersey’s underfunded public-employee pension system, retirement-plan overseers elsewhere in the U.S. are taking steps to pare their shortfalls.
Illinois lawmakers approved a $35.7 billion spending plan for the year beginning July 1, knowing they’ll have to return after the November election to provide more funding to keep the government operating without deep cuts.