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: Pension fund
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Illinois bonds, budget in muni market spotlight
Illinois’ lingering fiscal problems will be center stage in the U.S. municipal bond market next week as the state sells $3.7 billion of bonds and as its governor unveils a budget plan for the upcoming fiscal year. Get the full story »
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.
Exelon says new tax law will hit its earnings
Power company Exelon Corp. forecast a 5 cent and 3 cent reduction for its 2010 and 2011 earnings respectively, hit by the combined effect of pension contributions and the recently passed tax legislation.
The Chicago-based company said the direct impacts of the tax legislation will reduce its 2010 earnings by about 1 cent per share and 2011 earnings by about 11 cents per share because of a cut in the manufacturing tax deduction for which it was eligible. Get the full story »
Moody’s: Illinois pension system still in trouble
From Bloomberg | Moody’s issued a report Monday saying that Illinois, which has the worst-funded pension system among U.S. states, may see it deteriorate more even if it sells bonds to close the gap.
Illinois passes pension fix for cities
From Bloomberg News | The Illinois General Assembly recessed until early January without acting on a $3.7 billion bond proposal to make payments into state employee pension funds, saying it didn’t have enough votes to pass the bond plan.
GM injects $4 billion cash into pension funds
General Motors said on Thursday that it made a $4 billion cash contribution to pension plans for its U.S.-based hourly and salaried workers. Get the full story »
Northern Trust to run non-profit’s pension
Chicago-based Northern Trust Corp. has been hired to provide custody services for more than $800 million in pension, endowment and operating funds of John Muir Health of Walnut Creek, Calif.
It’ll also provide benefit payment services for the organization’s pension plan. Get the full story »
