Monthly Archives: August 2015

//August

Highland Park Decides to Raise Taxes to Overfund Pension for City Works

Warning Highland Park: Pension Contributions To Be Raised. If you live in Highland Park, you’re in for an unpleasant surprise. During the last city council discussion, held August 3rd, your officials were told that they’ll need to levy $5.2 million for the city's police and fire pension funds in December. The coffers, they were told, were in arrears by a full $74 million. This responsibility falls on those who call Highland Park their home. 2012 Highland Park Teachers Strike It’s the same old problem that has been nagging Illinois for months: the pension problem that Preckwinkle has tried to deal with by hiking the sales tax and that politicians bounce back and forth with none squashing it. You had to contribute $4.5 million in the past to help police officers and firefighters blessedly retire. This year, it has been raised to $5.2 million - a 16 percent increase. [...]

By |2015-08-31T15:29:43-05:00August 31st, 2015|English Articles|Comments Off on Highland Park Decides to Raise Taxes to Overfund Pension for City Works

Chicago Has The Worst Pension Problem In The Nation

Moody’s Investor Services cut Chicago’s bond rating from Baa2 to Ba1; Standard & Poor’s lowered the City’s rating from A+ to A-; and Fitch Ratings cut Chicago’s ratings from A- to BBB+. Crain’s says that the City has the worst pension reform situation in the nation. Chicago has six pension plans. The city sponsors four. Two others are sponsored by the Chicago Board of Education and the Chicago Park District. Two years ago, these six plans were 40 percent funded and owed a total $30 billion (see table courtesy of MarketWatch). MarketWatch suggests that the reason why Chicago has this problem is because up until 2015, rules for Chicago’s pension funds were set by Illinois state laws. In 2014, Chicago passed legislation that would raise employer and employee contributions and the employer ended up paying far less than other states would have required. In fact, contributions fell hugely short of [...]

By |2015-08-27T19:52:05-05:00August 27th, 2015|English Articles|Comments Off on Chicago Has The Worst Pension Problem In The Nation

Chicago Air and Water Show – August 15th & 16th

The 57th Annual Chicago Air and Water Show – August 15 & 16 The Chicago Air and Water Show presented by Shell Oil Products U.S. and the City of Chicago is the largest FREE show of its kind in the United States. The show can be viewed along the lakefront from Fullerton to Oak Street, with North Avenue Beach as the focal point. August will be the 59th anniversary of the largest free show of its kind. Blue Angles Over Chicago Shell first ran the Air and Water Show in 1959. It was called the ‘Lakeshore Park Air & Water Show’, ran at Chicago Avenue and Lake Michigan, and was a part of a ‘Family Day’ celebration for children enrolled in the Chicago Park District’s day camp program. The budget was $88. The Golden Knights didn’t have a beach to land on so they landed in the Water. [...]

By |2015-08-13T19:30:39-05:00August 10th, 2015|English Articles, Local Events|Comments Off on Chicago Air and Water Show – August 15th & 16th