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Unclaimed life insurance policies within families’ reach

mulroe frerichs 071916SPRINGFIELD – Unclaimed life insurance benefits may soon be awarded to the families and relatives of the deceased parties under a new measure co-sponsored by State Senator John Mulroe (D-Chicago).

Life insurance companies have come under fire with accusations that they have not been diligent enough in awarding benefits to the families and relatives of deceased policyholders.

“These awards and annuities don’t bring back individuals’ loved ones,” Mulroe said, “but they can most certainly aid in covering unexpected end-of-life costs. These families at least deserve that.”

Cunningham measure to protect tax payers and tuition payers becomes law

cunningham hiedcompSPRINGFIELD—Higher education administrators will no longer be able to claim country club memberships as a part of their pensionable income thanks to a proposal pushed by Senator Bill Cunningham becoming law today.

Senate Bill 2156 was one several new laws authored by Cunningham this year aimed at limiting perks for public college and university presidents in Illinois. The legislation was sparked by a scandal at the College of DuPage, where the president received a $750,000 severance package just to leave the college.

Bertino-Tarrant: Lobbyists prevented from getting public pensions under new law

JBT 082316SPRINGFIELD— Employees of lobbying entities would be ineligible for a taxpayer-funded pension under a new law spearheaded by State Sen. Jennifer Bertino-Tarrant (D-Shorewood).

House Bill 4259 was signed into law by the governor Friday.

Under the law, employees of certain organizations can no longer collect a pension through the Illinois Municipal Retirement Fund (IMRF), State Universities Retirement System (SURS) and the Teachers’ Retirement System (TRS).

Murphy’s proposal to increase budget transparency signed into law

Murphy082216SPRINGFIELD – Earlier this year, State Senator Laura Murphy (D-Des Plaines) passed a measure through the Illinois Senate that will bring much-needed transparency and accountability to the state budgeting process. Her proposal, Senate Bill 2585, was signed into law by the governor today.

It will require the governor’s budget office to annually produce a report containing a four-year budget forecast that also lays out detailed solutions to solve any predicted budgetary shortfalls. The report also must be posted online so it is available to the general public.