Pensions

"We believe pensions have an elevated probability of stressing the state and local governments' budgets even as Illinois has made supplemental contributions above the statutorily required amounts," S&P Global Ratings analyst Joseph Vodziak said.

The demographics of the public-sector workforce are likely to change, even as many state and local governments consider increasing wages and improving other benefits to attract and retain employees.

Strong 2021 contribution levels continue a trend that began with pension reforms made in the wake of the Great Recession.

Chicago is leading the pack in pension fund problems.

New Jersey and Illinois have the lowest state bond ratings. But all three states have been ramping up pension contributions, according to S&P Global Ratings.

S&P Global Ratings says that without funding reform, New Jersey's pension system may continue to negatively impact the state's credit outlook for decades.

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

The previously unrated Santa Cruz Metropolitan Transit District will be the first transit agency to price debt to cover pension liabilities when it hits the market Wednesday.

Having earnestly settled with every major constituency, it is time for the Board to do the right thing by abandoning unnecessary pension cuts and freezes.

Municipal issuers with the biggest threats from physical climate risk also have the largest liabilities for carbon transition.