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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.
(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 ...
This list of largest pension funds in the United States involves two main groups: ... Illinois Teachers: $49,863 $49,863 39.8% 7.5% 26 Missouri Public School:
In the spring of 1978, fire fighters in Normal struck for 56 days to win a first contract. Illinois had no public employee collective bargaining law until the 1980s. Seeking union recognition, Normal Fire Fighters Local 2442 struck in March 1978. The fire fighters maintained fire service from the picket line, refusing to enter the fire station.
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 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.