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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.
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 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.
Alaska. Mean retirement income: $42,676. Ranking among 50 states + DC: 2. Explore More: Social Security — 40 States Where You’ll Feel the Biggest Increase This Year
(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 ...
Illinois’ unfunded pension liability is $140 billion. That doesn’t include tens of billions in liabilities from subsidized health care coverage for public employee retirees.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
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 ...