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The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees. [1]
(The Center Square) – Illinois’ pension debt compared to personal income is the second worst in the nation. Fitch Ratings reviewed pension funds for public employee retirees from every state ...
(The Center Square) – Illinois unfunded pension liability is growing. The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion.
Behind only Connecticut, Fitch pegs Illinois’ unfunded pension liability and other post employment benefits at $206.5 billion, taking up 22.8% of the state’s personal income.
The Illinois Policy Institute (IPI) a free market nonprofit think tank with offices in Chicago and Springfield. [2] Founded in 2002, it is active in the areas of education policy, pension policy, and state budget issues. [3] IPI advocates for smaller government and lower taxes. [4] [5] It has an affiliated lobbying arm and legal arm. [4]
[2] In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award for Performance Excellence. [3] [4] This Presidential-level honor recognizes exemplary U.S. organizations and businesses. In 2017, IMRF received an Illinois Performance Excellence (ILPEx)] Gold Award for Achievement of ...
Illinois public pension debt grows Illinois’ pension situation is getting worse. The Commission on Government Forecasting and Accountability reports the total unfunded liability is 46% with a ...
In the following years, Congress held a series of public hearings on pension issues and public support for pension reform grew significantly. ERISA was enacted in 1974 and signed into law by President Gerald Ford on September 2, 1974, Labor Day. [9] [10] In the years since 1974, ERISA has been amended repeatedly.