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WBGZ Radio 2/2/2021 | By Greg Bishop - Illinois Radio Network The Illinois General Assembly Retirement System, or GARS, is only 16 percent funded.  This could be the year lawmakers end it, but that will come with a cost to taxpayers. Some incoming state lawmakers are opting out of the underfunded pension system for Illinois legislators. “Holding elected office should be about serving the communities you represent, not collecting a lavish taxpayer-funded retirement through a pension system that is already seriously overburdened,” state Rep. Chris Bos, R-Lake Zurich, said. Click here for ...

). As the 101st Illinois General Assembly’s lame-duck session came to a close, lawmakers rushed to send 23 bills to Gov. J.B. Pritzker’s desk – but not the one he wanted. In session overnight from Jan. 12 and into the morning Jan.13, lawmakers failed to support a small business tax increase, which was Pritzker’s top priority for lame duck session. Pritzker wanted to eliminate state-level tax benefits created as a form of economic relief when Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. He estimated the tax revenue loss at $500 million, but during flo...

Illinois lawmakers hand Pritzker another tax loss, pass Chicago pension hike Illinois lawmakers hand Pritzker another tax loss, pass Chicago pension hike Lame duck session was busy even when House Democrats weren’t focused on replacing Mike Madigan as speaker. Gov. J.B. Pritzker’s small business tax hike died as 23 bills were passed, including one making Chicago’s pension woes worse. As the 101st Illinois General Assembly’s lame-duck session came to a close, lawmakers rushed to send 23 bills to Gov. J.B. Pritzker’s desk – but not the one he wanted. In session overnight from Jan...

Illinois Lawmakers Pass Firefighter Pension Bill Upping Benefits The move would add $18 million in extra inflation-adjustment benefits for its first year, expanding the liability for the poorly funded plan. The Illinois Senate this week pushed through richer benefits for the severely underfunded Chicago firefighters pension plan. The measure, already approved in the legislature’s lower chamber, would add $18 million to the pension liability in the first year, and $30 million in following years. The state pension bill HB 2451, pushed by the Chicago Firefighters Union Local 2, would remove a ...

“”under cover of darkness “” for a bill passed by the House and waiting in the Senate to be dealt with when back in Sfield?? Martwick and Lightfoot are still the best of friends, I see. Never saw a Mayor so irrelevant to Springfield. Passing major legislation without any input from the 5th floor. And, we have a battle for a New Speaker, NOBODY cares or is asking for the Mayor’s input. - James the Intolerant - Tuesday, Jan 12, 21 @ 11:57 am: From the Chicago Fire Department’s website: “Beginning with the calendar year ending December 31, 2021, the City is required to fund the F...