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Search the News Archive
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58 Matching News Items |
| 1. |
Stephen Rosenberg, The Wagner Law Group
Nov. 21, 2010
"The Tribune case reflects the fact that making use of that stock for transactional purposes can well end up, in at least the outlier cases, with large losses to plan participants, after which the class action bar or the [DOL] are likely to try to transfer those losses to one or more of the parties involved in the transaction."
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| 2. |
Chicago Tribune; subscription may be required
June 11, 2024
"[A]pproximately 3,000 [Chicago police officers ] are required to cut a check to their pension fund, plus interest.... As part of the new contract for Chicago police officers approved by the City Council in late 2023, union members received a 2.5% base salary increase that applied retroactively to the start of 2022. 'The city did not withhold the correct 9% of members' salary and duty availability pay for the required payment,' according to a post on the fund's website.'
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| 3. |
Chicago Tribune
June 25, 2012
"The debt from 10 Chicago-area pension plans swelled more than 600 percent to $27.4 billion between 2001 and 2010, according to a study released Monday by the nonpartisan Civic Federation. That's $8,993 for each man, woman and child in Chicago, according to the report. The shortfall comes on top of more than $83 billion in unfunded pension liabilities at the state level, driving the cost up to nearly $15,000 per Chicagoan, the report shows."
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| 4. |
Chicago Tribune
Apr. 3, 2018
"Circuit Court Judge Neil Cohen ruled that a January 2014 state change to the district's pension system was unconstitutional because it diminished benefits by raising the retirement eligibility age and reducing both cost-of-living increases and disability benefits."
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| 5. |
Chicago Tribune
June 12, 2016
"Workers with Nationwide Retirement Solutions noticed 'suspicious activity' with some 457 deferred compensation accounts for municipal employees ... on June 1 ... These accounts are administered by Nationwide on behalf of the city ... City officials said 91 accounts were breached, of which 58 accounts had money withdrawn and the remaining 33 accounts did not."
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| 6. |
Chicago Tribune
Mar. 21, 2016
"The city drew the money down from its $900 million line of short-term credit, which is akin to putting the tab on a credit card. The loan carries an interest rate of about 3 percent.... [T]he city is required to find the money to make the police and fire pension contributions, which increased dramatically this year, to start closing a combined $12.2 billion shortfall in the two pension funds."
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| 7. |
Chicago Tribune
July 13, 2015
"The preliminary budgets distributed to school principals for the coming school year assume state lawmakers will free CPS from having to make $500 million of a $700 million pension payment due June 30, 2016, either by giving the district more money or by allowing CPS to delay the payment until 2017 or later. CPS had tried to persuade the Chicago Teachers' Pension Fund to agree to an extension until 2017. The pension fund rejected the idea Friday."
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| 8. |
Chicago Tribune
Jan. 29, 2014
"That per-person figure is the highest among the nation's 25 largest cities. It's nearly double that of New York, the city with the second-largest tab. And it's more than five times the median for locales[.]"
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| 9. |
Chicago Tribune
Oct. 2, 2012
"Absent significant pension system reforms, it would cost the city [of Chicago] an extra $1.5 billion a year beginning in 2016 to start the process of restoring financial health to its pension funds, aldermen were warned Monday. If those costs kicked in, services would be cut, taxes would soar or both. Continuing to rely solely on property taxes to cover pension costs would result in a tripling of the city levy[.]"
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| 10. |
Workplace Prof Blog
Dec. 11, 2008
Excerpt: Chicago is NOT the place to be these days - especially if you are a corrupt politician or a financially-stressed newspaper. On the newspaper side of things - Elizabeth Dale (Florida) writes to tell us that the ESOP angle of the The Tribune Company bankruptcy is truly a mess. She points us to this story from the New York Times Deal Book[.]
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