From Bond Buyer | Illinois plans to sell $3.7 billion of taxable general obligation bonds Tuesday and Wednesday, the state said Friday morning.
Inside these posts: Illinois pension funding
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Daley unveils pension proposal for firefighters, cops
Mayor Richard Daley’s administration unveiled a plan Friday for police and fire pension reform that would increase employee contributions as part of a package it hopes would save Chicago property taxpayers $240 million per year compared to a bill Gov. Pat Quinn signed into law earlier this month.
Atwood: Pension bill should pass to keep funding through 2011
From Bloomberg TV | The executive director of the Illinois State Board of Investments, which manages about one-fifth of Illinois’ pension funds, told Bloomberg TV on Monday that Illinois will have to figure out how to fund pensions in 2012, and also discussed the possibility that Illinois lawmakers may approve a plan to sell $3.7 billion of bonds to fund the state’s pension contributions.
State warned on more borrowing to fund pensions
If Illinois borrows to make its annual contribution to state retirement systems for a second year running, the back-loaded payment plan on those bonds will cause interest costs to skyrocket, a Civic Federation analysis found.
Interest costs would total an estimated $1 billion if the state issues about $3.7 billion in bonds to make its required contribution to the state’s five pension funds in fiscal 2011, which began July 1. The bonds would be paid off over eight years. Get the full story »
