The state of Illinois finds itself worst in the nation when it comes to pension liability, according to a new report from Moody’s Investors Service.
The national credit rating agency conducted a study on each state’s pension liability, as calculated as a percentage of state revenue. The Prairie State’s three-year average pension liability, as a percentage of revenue is 258 percent—nearly 60 percent higher than the pension liabilities of the next worst state, Connecticut.
In 2012, Illinois’ one-year pension liabilities were valuated to exceed 300 percent of the state’s annual revenue.
Carol Portman, president of the Taxpayers Federation of Illinois told Illinois News Network that the pension shortfall is a real crisis that is not easily solvable.
“The problem is only growing, and the distance between the amount of resources being contributed and those being received is growing. That’s pretty alarming,” Portman said.
The state’s five primary pension accounts are underfunded...
Wisconsin prosecutors have pursued an aggressive “John Doe” investigation into free-speech issues for more than two years, seeking evidence of illegal political coordination between conservative organizations and politicians. Appeal judges heard opening arguments in one activist's attempt to seek compensation from the prosecutors, whom he argues are attempting to quash political speech with which they disagree.
Earlier this year, a U.S. District Court issued an injunction terminating the probe...
In a victory overshadowed somewhat by more glamorous primary election returns, Rhode Island state treasurer Gina Raimondo successfully gained the state Democratic Party’s nomination for governor.
Raimondo, who has spent her term as state treasurer focusing on and working to enact public pension reforms, came under fierce criticism from primary challengers and public-sector labor unions for her support of pension reform. However, Providence mayor Angel Taveras and area lawyer Clay Pell split the...