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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.
Thus, the term "Downstate Illinois" may be understood to refer to the part of the state which lies downstream with respect to the Mississippi River and its tributaries in Illinois, such as the Illinois River. Downstate Illinois is divided into three regions: Northern, Central, and Southern, which in turn are divided into more regions. The term ...
Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
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.
The Commission on Government Forecasting and Accountability reports the total unfunded liability is 46% with a taxpayer cost of $143.7 billion, up $1.5 billion from the prior year and the second ...
(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 ...
(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 ...
Allen Dorfman rose to prominence following World War II and by the late 1950s was a close cohort of IBT President Jimmy Hoffa.Dorfman's rise coincided with enormous expansion in Teamsters' ranks, along with spectacular growth in the union's pension funds, which eventually came largely under Dorfman's administration.