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In another study, Equable Institute found that the total lifetime value of teacher pension benefits have declined by $100,000 on average (13%) since 2005. A teacher hired for the 2005 school year can expect to earn $768,000 in retirement benefits, where as a teacher hired for the 2023 school year can expect to earn $668,000. [19
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 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.
After passage of a collective bargaining law for public employees, it evolved into a pro-active teachers union and in 1972 changed its name to the Wisconsin Education Association Council. Later, WEAC expanded its membership to education support staff, as well as UW, technical college and State of Wisconsin education and information ...
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 ...
With this year's record inflation, school boards could have given public school teachers pay increases not seen since the passage of Act 10 in 2011, which limited collective bargaining for educators.
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.
A new report reveals the median salary for Wisconsin teachers, ... positions that Wisconsin's teaching workforce is in trouble. A new state report crystalizes the problem with data from the 2021 ...