• Governor Quinn gave his FY 2015 budget address on Wednesday and called for a permanent extension of the temporary tax increase, scheduled to sunset in January 2015. The current individual income tax rate would fall from 5% to 3.75% upon the sunset of the tax increase in 2015 and the corporate income tax to fall from 7% to 5.25%. In addition,the governor proposed eliminating the state's property tax credit, which is currently worth five percent of property taxes paid, and replacing it with an automatic $500 tax refund. The current credit averages about $250. Homeowners who pay less than $10,000 in property taxes every year would come out ahead, those above that level would see a reduced benefit. Also, average Chicago homeowners, who tend to pay much less property taxes per person than most other regions because of the city's unique tax system, would do much better under this plan than suburbanites and downstaters, where personal real estate taxes tend to be higher. The net new cost of the $1.3 billion proposal would be $700 million. Both Madigan and Senate President John Cullerton offered their full support for the governor's income tax proposal, with Madigan saying he planned to move a bill forward this spring and Cullerton saying he'd let Madigan go first to make sure there were enough votes, and then move ahead in his own chamber. (March 27, 2014)
  • Yesterday, Chief Judge Graves of Sangamon County assigned the consolidated court cases to the Honorable John Belz. We expect the assigned judge to schedule a case management hearing in the near future. (March 11, 2014)
  • The Illinois Supreme Court ruled on Monday, March 3, 2014, that all four lawsuits challenging last year's pension reform law will be consolidated and heard in Sangamon County. IRTA will continue to keep our members updated on the lawsuit as it progresses in the courts. (March 2014)
  • On February 12, 2014, the IRTAPAC Board of Directors voted to endorse Kirk Dillard for Governor in the Republican primary ... - click here. (Feb. 24, 2014)
  • Arizona Supreme Court Decision - click here
  • Location: the first battle in pension war - click here
  • Legal Battalion Fights Pension Overhaul (Feb. 2014)
  • “Frequently Asked Questions” about the new pension law and TRS answers to those questions - click here. (Feb. 3, 2014)
  • FYI, the latest news: According to our lawyers, the Attorney General's office (as expected) will file an amended Rule 384 motion to consolidate and transfer all three of the currently pending Sangamon County lawsuits, including the We Are One lawsuit, to Cook County. As you are aware, the IRTA complaint was filed in Cook County on December 27th. (Jan. 29, 2014)
  • Illinois Retired Teachers Association presents… Reflections of Italy
    October 20 – 29, 2014
    Travel with Bob Pinkerton
    Click here for more information.
    Webinar - click here

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