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The average 30-year fixed mortgage rate is hovering around 7%, which is a tough financial burden to bear, especially for those (like Campbell) on a limited retirement income.
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 ...
“This was up 21.2% from the $762 billion reported last year, as post-pandemic asset values surged, but it remained below the $1 trillion level reached in fiscal 2021.” ... Illinois’ pension ...
That’s $1.5 billion higher than last year and the second highest since 2020 when the total was $144.2 billion. ... “Our funded ratio for our pensions is much better today than it was when I ...
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 Social Security Administration reported in 2009 that there is a long-term trend of pensions switching from defined benefit (DB) (i.e., a lifetime annuity typically based on years of service and final salary) to defined contribution (DC) (e.g., 401(k) plans, where the worker invests a certain amount, often with a match from the employer, and ...
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.
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 Illinois. Coverage of schools increased the number of employers in IMRF from 156 to 652 and the ...