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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.
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 ...
(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.
In 2013, Representative Dunkin voted "yea" [7] to a plan that amended state employee pension plans by drastically reducing the constitutionally protected benefits of Illinois state employees in retirement. The Illinois Supreme Court ultimately found these legislative changes to be unconstitutional. [8]
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]
Between now and 2040, Peoria owes, roughly, $360 million in public safety pension payments due to a state mandate that police and fire pensions be 90% funded by 2040.