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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 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 ...
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 ...
Proposed solutions to the pensions crisis include actions that address the dependency ratio: later retirement, part-time work by the aged, encouraging higher birth rates, or immigration of working-aged persons, actions that take the dependency ratio as given and address the finances – higher taxes and/or a reductions in benefits,
(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 ...
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 ...
Behind only Connecticut, Fitch pegs Illinois’ unfunded pension liability and other post employment benefits at $206.5 billion, taking up 22.8% of the state’s personal income. Tool company to ...
The Illinois Retirement Systems Reciprocal Act ensures that pension credits remain in the system in which they are earned. You may not transfer your credits from one system to another. You will be entitled to a retirement annuity from each system, and you survivor(s) will qualify for a survivors annuity, if: