Tag: pensions
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+. The action-forcing event appeared to be the assumption that the recent Illinois Supreme Court decision, which ruled unconstitutional the 2013 pension changes mad…
Proposed benefit cuts could hamper the state’s ability to attract quality public employees. The day after a New Jersey judge ruled that Governor Christie must make up $1.57 billion in pension underfunding, the governor’s commission to study New Jersey’s pension system proposed a complete overhaul of the State’s pensions. The overhaul would include: 1) freezing…
