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(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 ...
Changes from the “Tier I” pension law include raising the minimum eligibility to draw a retirement benefit to age 67 with 10 years of service, initiating a cap on the salaries used to calculate retirement benefits, and limiting cost-of-living annuity adjustments to the lesser of 3 percent or half of the annual increase in the Consumer Price ...
(The Center Square) – As the 104th General Assembly gets underway, Gov. J.B. Pritzker is revealing his priorities for 2025. The governor held a news conference in Springfield Wednesday after ...
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.
To participate as a Tier 1 member, the employee must have started work with an IMRF employer on or before December 31, 2010. All other members participate in Tier 2. All IMRF Tier 2 plans have a less generous benefit structure as compared to Tier 1. The cost to provide a Tier 2 pension is more than 40% less than the cost of providing a Tier 1 ...
Aug. 30—A failure to plan is a plan for failure. So to that end, Albuquerque Public Schools officials and school board members unveiled a five-year strategic plan, about a year in the making, to ...
The Illinois state government has numerous departments, ... Illinois Comprehensive Health Insurance Plan; Illinois Council on Developmental Disabilities;
The Commission approved Ameren Illinois' $83 million in investments and system improvements, cutting the utility’s proposed $333 million in spending by about 75%.