The law signed by Gov. Pat Quinn last year essentially cuts benefits for employees and retirees. Illinois has roughly $100 billion in unfunded pension liability.
A We Are One Illinois spokesman says workers will have to make “irrevocable” and “life-altering retirement decisions” based on a law that might not be constitutional. The coalition covers several unions including the American Federation of State, County and Municipal Employees Council 31.
The head of the International Monetary Fund warned Tuesday that inflation rates in the euro zone and other leading economies are too low and pose a risk in the outlook for the global economy.
The comments highlight growing concern as to whether the euro zone might be heading toward deflation. Inflation reached just 0.7% in the 18-member bloc, far below the European Central Bank’s target of just under 2%.
Anthem HealthKeepers—which insures about 110,000 people in Virginia—told the state that its premiums would jump an average of 8.5 percent there, The Wall Street Journal reported Monday.
But there was a wide range of price jumps that individual buyers of Anthem HealthKeepers policies will actually see. While some customers may have rate hikes of just 0.5 percent, others will be faced with a bill that is 16.6 percent higher, the Journal said.
Los Angeles County’s total unfunded liability was $39 billion – more than twice its annual budget. That breaks down to $13.5 billion for pensions, and $25.7 billion for retiree health care; all told, it had just 51 percent of what it needs to fulfill its promises.
The final decision will be made at the end of the month, but as of now the committee says Pellissippi State Community College could be looking at a 10.6 percent tuition hike next year.
An 8.1 percent increase in tuition is on the table for Roane State Community College. Students at Walters State could face a 6 percent tuition increase.
Right now, the continuing fee is $700 per year, but the Faculty of Graduate Studies wants to increase that incrementally to $3,000 a year by 2016 — an increase of nearly 330 per cent.
Russia’s natural-gas exporter, sent Ukraine a bill for an estimated $1.7 billion of imports next month, saying it will cut off supplies if the neighboring country doesn’t start paying in advance.
Housing starts plummeted 25 percent last month from a year ago, the Chinese government announced on Tuesday — a severe blow for a country in which residential real estate construction has come to account for one-ninth of all economic output.
Student debt increased by $31 billion to a record $1.1 trillion in the first quarter of 2014, the Federal Reserve Bank of New York reported Tuesday.
Russia will bar the United States from using Russian-made rocket engines for military satellite launches, Deputy Prime Minister Dmitry Rogozin said on Tuesday, retaliating for sanctions on high-tech equipment which Washington has imposed over the Ukraine crisis.
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