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(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 ...
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 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 ...
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 Illinois Policy Institute (IPI) a free market nonprofit think tank with offices in Chicago and Springfield. [2] Founded in 2002, it is active in the areas of education policy, pension policy, and state budget issues. [3] IPI advocates for smaller government and lower taxes. [4] [5] It has an affiliated lobbying arm and legal arm. [4]
The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees.
The Illinois Supreme Court on Friday endorsed the consolidation of local police and firefighter pension systems, a rare victory in a yearslong battle to find an answer to the state's besieged ...
In the following years, Congress held a series of public hearings on pension issues and public support for pension reform grew significantly. ERISA was enacted in 1974 and signed into law by President Gerald Ford on September 2, 1974, Labor Day. [9] [10] In the years since 1974, ERISA has been amended repeatedly.