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Recent News About Illinois Department of Insurance
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Gov. J.B. Pritzker signed a bill to consolidate local police and firefighter pensions from across downstate Illinois, but beneficiaries are suing because the state is notorious for poor pension management.
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Building on a strong team of diverse experts in their fields, Governor JB Pritzker announced the following appointments in his administration.
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Financial damage may drive local pension funds closer to insolvency, forcing funds to utilize the state’s “pension intercept” law. That could force struggling Illinois cities to fund local pensions at the expense of vital public services.
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CAHOKIA – St. Clair County sheriff Rick Watson let lawyer Leah Captain speak for him at a police pension board meeting on Oct. 16, when trustee Francella Jackson asked him how he came up with the numbers for his pension.
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We had to wait a year to report the findings, but it was worth the wait.
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The East St. Louis’ firefighter pension fund has demanded that Illinois Comptroller Susana Mendoza intercept more than $2.2 million of East St. Louis city revenues so they could be diverted to the pension fund.
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Illinois’ financial decay isn't just happening at the top, it has likely spread to your community, too. Households from Peoria to Harvey and from Alton to Rockford are seeing property values fall, city populations shrink, tax burdens jump and incomes stagnate.
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In a split decision, an Illinois appeals panel has stripped Allstate Insurance of its defenses against a class action, which alleged the company unfairly billed long-term auto policyholders more than it charged new ones, saying Illinois insurers can’t protect their rates from lawsuits, because their rates are not controlled by the Illinois Department of Insurance.
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The share of Alton’s annual property tax levy going to pension payments has more than doubled over the past decade.
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California's largest pension system is being sued over its failure to list whether its members have retired on a disability pension.
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CAHOKIA – Pension benefits for former Cahokia police chief Rick Watson, now St. Clair County sheriff, were boosted by 33 percent in his last 35 days as chief, according to records of the trustees and the state insurance commission.
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Severely underwater public safety pensions have already derailed the finances of other municipalities, such as Harvey and North Chicago.
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East St. Louis’ police and fire pension funds experienced large funding shortfalls in 2016, putting the city at risk of revenue garnishment from the state comptroller’s office.
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It’s no secret there’s a lot wrong with Illinois. Abraham Lincoln’s birthday, Feb. 12, is an annual reminder of how far the state has drifted away from the virtues of its most illustrious lawmaker.
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Belleville residents had the opportunity to sound off at a public hearing regarding a proposed 11.98 percent increase in the city’s property tax levy.
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In one year, Illinois' pensions added more debt than 25 U.S. states' entire budgets.
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As college students across Illinois’ nine public universities make their way to their respective campuses in the days ahead, few may realize just how little of their tuition is going directly toward instructional spending for the 2016-17 academic year.
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Life insurance companies are suing Illinois state Treasurer Michael Frerichs and private auditing company Verus Financial alleging that recent efforts to tap into policy proceeds under the Unclaimed Property Act are unconstitutional.
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Property tax payers in the City of Alton contributed $1.96 million to the city's fire fighter pension fund in fiscal year 2014, while 47 active members currently receiving salaries contributed $291,197 in payroll deductions to the fund. And almost twice as many beneficiaries - 87 retirees, surviving spouses or dependents - drew $3,477,300 in benefits last year.
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Strange things happen in cartoons – things that could never happen in real life, things that are physically impossible – but cartoon lovers know that and delight in the alternate “reality.” The absurd goings-on are an essential part of animated humor.
