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IMRF is a defined benefit retirement plan that provides retirement, survivor, disability, and death benefits to municipal government employees in Illinois. It is governed by Article 7 of the Illinois Pension Code. Eligible employees are automatically enrolled in IMRF when employment begins.
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.
The Illinois Public Pension Amendment was a proposed amendment to the Illinois state constitution. On November 6, 2012 , Illinois voters rejected it in a statewide referendum . [ 1 ]
(The Center Square) – The push is on for Illinois legislators to advance some form of pension reform to address what proponents say are shortfalls in Tier II pensions. Illinois implemented Tier ...
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. Tool company to ...
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