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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. [1]
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] A legislatively referred constitutional amendment, if approved, it would have amended the Constitution of Illinois. [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 ...
Then-Gov. Jim Edgar signed a bipartisan pension reform package in 1994, setting a pathway for the state to fund 90% of its pension liabilities by 2045. ... Tax increases draw ire from Illinois ...
(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 97th General Assembly enacted a total of 1,173 bills into law. [4] On August 17, 2012, Governor Pat Quinn called the General Assembly into special session to address the Illinois pension crisis. [5] No changes to the state pension system were passed.
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 ...
In 1994, Edgar signed into law Public Act 88-593, a bipartisan compromise bill between Edgar and Illinois House Speaker Mike Madigan to address the state's developing pension crisis. [1] Prior to 1981, the State of Illinois funded pensions on an "as-you-go" basis, making benefit payouts as they came due, with employee contributions and ...