Pension Crises In Illinois Informing Bankruptcies

Pension crises are happening around the country, most notably in Detroit, Illinois. and New Jersey. Alabama fears it is headed in the same direction and is closely watching how these other municipalities deal with pensions and potential bankruptcies. While Detroit is working on its pension issues through bankruptcy, Illinois has yet to allow its cities…

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Illinois Mayors Talk Bankruptcy Options

City mayors in Illinois are speaking out about the State’s refusal to allow them to file bankruptcy. Without that option, they say, cities are struggling to pay pensions. And residents are having to pay higher and higher taxes to compensate. Read more from rrstar.com: Rockford Mayor Larry Morrissey said Wednesday that Illinois towns and cities…

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