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Illinois Pension Crisis
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees. Illinois has the second highest unfunded pension ratio, after New Jersey. Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap.http://cgfa.ilga.gov/Upload/1117revenue_special_pension_briefing.pdf Illinois' pension obligations are made up of five pension plans for public sector employees. The plans, and their respective size and funding level, include: History Dating as far back as 1917, reports by the Illinois legislature described the condition of the state and municipal pension systems as "one of insolvency" and "m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Jersey
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware River and Pennsylvania; and on the southwest by Delaware Bay and the state of Delaware. At , New Jersey is the fifth-smallest state in land area; but with close to 9.3 million residents, it ranks 11th in population and first in population density. The state capital is Trenton, and the most populous city is Newark. With the exception of Warren County, all of the state's 21 counties lie within the combined statistical areas of New York City or Philadelphia. New Jersey was first inhabited by Native Americans for at least 2,800 years, with the Lenape being the dominant group when Europeans arrived in the early 17th century. Dutch and Swedish colonists founded the first European settlements in the state. The British later seized control o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illinois Legislature
The Illinois General Assembly is the legislature of the U.S. state of Illinois. It has two chambers, the Illinois House of Representatives and the Illinois Senate. The General Assembly was created by the first state constitution adopted in 1818. , the current General Assembly is the 102nd. Under the Illinois Constitution, since 1983 the Senate has had 59 members and the House has had 118 members. In both chambers, all members are elected from single-member districts. Each Senate district is divided into two adjacent House districts. The General Assembly meets in the Illinois State Capitol in Springfield, Illinois. Its session laws are generally adopted by majority vote in both houses, and upon gaining the assent of the Governor of Illinois. They are published in the official ''Laws of Illinois''. Two future presidents of the United States, Abraham Lincoln and Barack Obama, began their political careers in the Illinois General Assembly–– in the Illinois House of Represen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jim Edgar
James Edgar (born July 22, 1946) is an American politician who was the 38th governor of Illinois from 1991 to 1999. Previously he served as a member of the Illinois House of Representatives from 1976 to 1979 and as Illinois Secretary of State from 1981 to 1991. Though still popular, he surprised many by retiring from elected office after his second term as governor, claiming that heart problems he had during his tenure as governor were not a factor in his decision. Political life Illinois House of Representatives A Republican, Edgar was elected to the Illinois House of Representatives in 1976 and re-elected in 1978. Illinois Secretary of State In April 1979, Edgar resigned his state House seat to accept an appointment from Governor Jim Thompson as his legislative liaison. In early 1981, when then-Secretary of State Alan Dixon moved to the U.S. Senate, Thompson named Edgar to fill the vacancy. He won the office on his own in 1982 and 1986 and served until 1991. Governor of Il ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act). Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dot-com Crash
The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 400%, only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. During the dot-com crash, many online shopping companies, such as Pets.com, Webvan, and Boo.com, as well as several communication companies, such as Worldcom, NorthPoint Communications, and Global Crossing, failed and shut down. Some companies that survived, such as Amazon, lost large portions of their market capitalization, with Cisco Systems alone losing 80% of its stock value. Background Historically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past including railroads in the 1840s, automobiles in the early 20th century, radio in the 1920s, television in the 1940 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pat Quinn (politician)
Patrick Joseph Quinn Jr. (born December 16, 1948) is an American lawyer and politician who served as the 41st governor of Illinois from 2009 to 2015. A Democrat, Quinn began his career as an activist by founding the Coalition for Political Honesty. Born in Chicago, Illinois, Quinn is a graduate of Georgetown University and Northwestern University School of Law. Quinn began his career as a tax attorney in private practice before working as an aide to then-Illinois Governor Dan Walker. He was elected to one term as a commissioner on the Cook County Board of Appeals, serving from 1982 to 1986; he later served as revenue director in the administration of Chicago Mayor Harold Washington. Quinn served as Treasurer of Illinois from 1991 to 1995. In Illinois' 2002 gubernatorial election, Quinn won the Democratic nomination for Lieutenant Governor of Illinois in the primary and was paired with then-U.S. Representative Rod Blagojevich in the general election. He was sworn into office a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their paychecks, and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contributions, rules governing withdrawals and possible penalties. The benefit of the Roth account is from tax-free capital gains. The net benefit of the traditional account is the sum of (1) a possible bonus (or penalty) from withdrawals at tax rates lower (or higher) than at contributio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illinois Constitution
The Constitution of the State of Illinois is the governing document of the state of Illinois. There have been four Illinois Constitutions; the fourth and current version was adopted in 1970. The current constitution is referred to as the "Constitution of Illinois of 1970" or less formally as the "1970 Constitution." The document is still referred to as the "Constitution of Illinois of 1970" even though there have been amendments to it after 1970. Important features of the 1970 Constitution include the creation of home rule powers for larger municipalities and other units of local government. Summary The 1970 Constitution has a preamble and 14 articles. Article 1 is a bill of rights and contains similar provisions as the United States Bill of Rights, such as freedom of religion, freedom of speech and freedom of assembly. It also contains items not included in the United States Constitution like section 18, which prohibits discrimination based on sex and section 19, which prohibit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Cullerton
John J. Cullerton (born October 28, 1948) is an American politician who served as a Democratic member of the Illinois Senate, representing the 6th district from his appointment in 1991 to 2020. He served as President of the Illinois Senate from 2009 to 2020. On November 14, 2019 Cullerton announced to the other members of the Senate Democratic Caucus that he intended to retire in January 2020. Cullerton was then replaced by the State Senator for the 39th district, Don Harmon in a closed door vote of the Illinois Senate on January 19, 2020. Cullerton formally resigned from the Senate the next day. Early life Cullerton is a native of Chicago. He received his bachelor's degree in political science from Loyola University of Chicago, where he also earned his J.D. degree. After graduating from law school, Cullerton served as a Chicago Assistant Public Defender. He went on to work at the law firm of Fagel and Haber. Cullerton is a member of the Cullerton political family, dating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. The court in ''Currie v Misa'' declared consideration to be a “Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility”. Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A contracts to buy a car from B for $5,000, A's c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bruce Rauner
Bruce Vincent Rauner (; born February 18, 1956) is an American businessman, philanthropist, and politician who served as the 42nd governor of Illinois from 2015 to 2019. Prior to his election, he was the chairman of R8 Capital Partners and chairman of the private equity firm GTCR, based in Chicago. The Republican nominee in the 2014 Illinois gubernatorial election, he defeated Democratic incumbent Pat Quinn by 50.3% to 46.4%. In 2018, after narrowly surviving a challenge in the Republican primary from State Representative Jeanne Ives, Rauner lost the general election to Democratic challenger J. B. Pritzker in a landslide. As of 2022, Rauner and his lieutenant Evelyn Sanguinetti are the last Republicans to have held statewide office in Illinois. Early life and education Bruce Rauner was born in Chicago and grew up in Deerfield, Illinois, a suburb 10 miles north of Chicago city limits. His mother, Ann (née Erickson) Rauner (1931–2011), was a nurse, and his father, Vincent Rau ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Illinois
The Government of Illinois, under Illinois' Constitution, has three branches of government: Executive, Legislative, and Judicial. The State's executive branch is split into several statewide elected offices, with the Governor as chief executive and head of state, and has numerous departments, agencies, boards and commissions. Legislative functions are granted to the General Assembly, a bicameral body consisting of the 118-member House of Representatives and the 59-member Senate. The judiciary is composed of the Supreme Court of Illinois and lower courts. Executive The executive branch is composed of six elected officers and their offices, as well as numerous other departments. Illinois is one of 26 states that elect their governor on the same ticket as their lieutenant governor. The six elected officers are: Departments The government of Illinois has numerous departments, agencies, boards and commissions; however, the code departments, so called because they are established ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
