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The OECD's Reviews of Pension Systems: Ireland, [3] explains the structures of both the public and private pension systems. "The public pension system has two sets of flat-rate benefits: 1) a basic flat-rate benefit to all retirees that meet the contribution conditions, the State pension (contributory) or SPC and the State pension (transition) or SPT; and 2) a means-tested benefit to those ...
(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 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 ...
Illinois has the second highest unfunded pension ratio, after New Jersey. Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap. [2] Illinois' pension obligations are made up of five pension plans for public sector employees.
The typical IMRF retiree receives a modest and sustainable benefit, earned after decades of public service. In 2020, 56% of retirees received a benefit of less than $12,000 annually. [2] In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award for Performance Excellence.
Michigan’s flat state income tax rate rose for 2024 to 4.25%, and the law surrounding the state’s pension deduction also changed, as part of a phaseout of the state’s three-tier retirement ...
(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 ...
SURS has been developing its investment program since the early 1980s, when Illinois, like many other states, changed its laws to allow the state pension funds to adopt modern investment practices. At the same time, the new laws established a high standard of fiduciary responsibility, namely adopting the prudent expert rule.