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SURS serves over 228,000 active and inactive members and benefit recipients throughout the world. [3] SURS is considered a component unit of the State of Illinois’ financial reporting entity and is included in the state's financial reports as a pension trust fund. SURS is governed by Section 5/15, Chapter 40, of the Illinois Compiled Statutes ...
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.
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 ...
(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.
Survivor benefits are a type of Social Security that's provided to families following the death of a wage earner. These payments are designed to offer financial continuity and support to the ...
This list of largest pension funds in the United States involves two main groups: ... Illinois Teachers: $49,863 $49,863 39.8% 7.5% 26 Missouri Public School:
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 ...