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(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 ...
Members participate as either Tier 1 or Tier 2 members. To participate as a Tier 1 member, the employee must have started work with an IMRF employer on or before December 31, 2010. All other members participate in Tier 2. All IMRF Tier 2 plans have a less generous benefit structure as compared to Tier 1. The cost to provide a Tier 2 pension is ...
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 unfunded pension liability is growing. The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion ...
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 ...
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.