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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 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.
In another study, Equable Institute found that the total lifetime value of teacher pension benefits have declined by $100,000 on average (13%) since 2005. A teacher hired for the 2005 school year can expect to earn $768,000 in retirement benefits, where as a teacher hired for the 2023 school year can expect to earn $668,000. [19
“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 ...
(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 ...
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The rankings below are the 30 largest public pension plans in the U.S., ... Teacher Retirement System of Texas: ... Illinois Teachers: $49,863 $49,863 39.8%
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