Pension reform

The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.

The value of the fund rose from the $246.3 billion reported in the second quarter while returns improved to 6.18% in the third quarter from negative 1.59% in the prior period.

The consolidation upheld by the state Supreme Court promises efficiencies, but the hundreds of local funds involved still face structural challenges.

The Illinois Supreme Court upheld pension reform legislation championed by Gov. JB Pritzker that was challenged in court by first responder pension funds.

Chicago outgoing mayor offered a parting shot against pending state legislation that stands to add to city pension costs, but sponsors say the fix was promised and is needed to avoid violating federal rules.

Stabilizing pension debt as a share of GDP re-frames the discussion on pension fund problems.

Most of the blame is placed on overall poor marketplace performance, strict monetary policy, and the war in Ukraine. 

Chicago is leading the pack in pension fund problems.

A three-judge panel reversed a district court's ruling in favor of the city's Firefighters' Relief and Retirement Fund that the law was unconstitutional.

Local police funds challenging the suburban and downstate police and firefighter pension fund consolidation appealed a court decision that upheld it.

An Illinois judge upheld the constitutionality of the state's consolidation of downstate public safety pension funds; an appeal is expected.

Mayor Jorge Elorza said the reworked bond proposal was better than the larger one put before the state Legislature last year.

Lawmakers are considering a bill to credit state employees with three extra years of service for work done outside their homes over nine months of 2020.

Like the city's pension funding revisions, the park district's plan ramps up to actuarial payments but it's alone in aiming for a 100% funding target.

While traditional defined-benefit pension plans remain the prevailing model, at least 19 states have hybrids.

Moody's Investors Service notes that the new two-tier pension system will not immediately decrease Kentucky's high unfunded pension liabilities.

Top lawmakers bought time amid pressure from unions and progressive legislators.

As state and local governments work to apply the California Supreme Court’s rulings, they are also bracing for the next wave of litigation.

Recent orders from the California Supreme Court in public pension cases indicate litigation on the matter has not ended.

The California Supreme Court ruled July 25 in a pension spiking case with ramifications for the state's ironclad pension legal doctrine.