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The newspaper was founded in 1831 as the Sangamo Journal by William Bailhache and Edward Baker, and describes itself as "the oldest newspaper in Illinois". As such, it and its editor, Edward L. Baker, supported the political career of the Springfield-based Abraham Lincoln in the years before the American Civil War; in fact, it was in the Journal ' s office that Lincoln and his friends waited ...
In 1947, the Illinois legislature required the IMRF staff to participate as members of the system. Later in that same year, the Illinois legislature mandated participation by all Illinois school districts (except those located in the city of Chicago) and all their employees except those covered by the Teachers' Retirement System of the State of ...
The Governor and General Assembly founded the University Retirement System in 1941 as an administrator of benefits for employees of the University of Illinois.In the following years, the system grew to include other universities, colleges, and affiliated agencies throughout the state.
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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.
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It is the first time in three contract cycles that the union has signed a deal without arbitration, according to police staff attorney David Amerson
Changes from the “Tier I” pension law include raising the minimum eligibility to draw a retirement benefit to age 67 with 10 years of service, initiating a cap on the salaries used to calculate retirement benefits, and limiting cost-of-living annuity adjustments to the lesser of 3 percent or half of the annual increase in the Consumer Price ...