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House passes bill requiring more disclosure in municipal pensions House passes bill requiring more disclosure in municipal pensions

House passes bill requiring more disclosure in municipal pensions

Local government pension systems may soon have to start disclosing more information about how certain lump-sum payouts at the end of an employee’s career are used to increase that person’s retirement benefits.

In 2016, the General Assembly passed a law known as the Local Government Wage Increase Transparency Act, which requires disclosure of certain large lump-sum payments such as severance packages and unused vacation. Often, those payments have the effect of boosting an employee’s final average salary, which is used to calculate benefits.

Illinois personal income grows 4.5 percent in 2018 Illinois personal income grows 4.5 percent in 2018

Illinois personal income grows 4.5 percent in 2018

Personal income in Illinois grew 4.5 percent in 2018, which was more than any surrounding state but on par with the national average, the U.S. Bureau of Economic Analysis announced Tuesday. That was good news for workers in the state, but it was also good news for state government, which relies on individual income taxes for nearly half of the $45 billion in revenue it takes in each year.
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