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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.
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 ...
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.
Between now and 2040, Peoria owes, roughly, $360 million in public safety pension payments due to a state mandate that police and fire pensions be 90% funded by 2040.
(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, Kentucky, New Jersey are significantly burdened by the funding shortfalls facing their retirement systems. Nebraska, Utah, New York and Idaho’s unfunded liabilities are equivalent to less than 1% of their respective GDPs, meaning their pension funds are well-managed and do not significantly tax their economic resources.
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 ...