Search results
Results From The WOW.Com Content Network
Hastings also sponsored HB 4691 which provides that, upon creation of a new downstate police pension fund by referendum or census, the Illinois Municipal Retirement Fund (IMRF) shall transfer to the new pension fund the employee contributions for service as a police officer of the municipality that is creating the new pension fund, plus ...
Gov. JB Pritzker signed the pension consolidation law, receiving bipartisan support, in 2019 following decades of negotiations. Illinois Supreme Court allows continued consolidation of downstate ...
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 rankings below are the 30 largest public pension plans in the U.S., according to the 2018 list compiled by Pensions & Investments. [1] Because this information is now several years old, the numbers and rankings may no longer be entirely accurate.
For premium support please call: 800-290-4726 more ways to reach us
(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 ...
Since 2001, U.S. statewide pension funds have experienced significant funding challenges due to the recessions of 2001-2002 and 2008-2009. Prior to the Dot-Com Crash, statewide pension funds were over 95.6% funded in the aggregate. In 2002, the funded ratio had declined to 82.1%.
“The city cannot afford to continue to pay in excess of $8 million a year in pension obligations,” city manager says. IL should divert state money from East St. Louis to fund police, fire ...