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The Governor and General Assembly founded the University Retirement System in 1941 as an administrator of benefits for employees of the University of Illinois.In the following years, the system grew to include other universities, colleges, and affiliated agencies throughout the state.
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.
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.
Headquartered at the School of Labor and Employment Relations at the University of Illinois at Urbana–Champaign, the organization has more than 3,000 members at the national level and in its local chapters. LERA is a non-profit, non-partisan organization that draws its members from the ranks of academia, management, labor and "neutrals ...
Founded in 1946, the school is the second oldest labor and industrial relations school in the nation. Students at Illinois can earn a Master of Human Resources and Industrial Relations (terminal professional degree) or a PhD in Industrial Relations (which is typically accompanied by an M.S. degree during the process of earning the doctorate).
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
The State Panel handles not only employer-employee relations within the State of Illinois, but also employer-employee relations between most Illinois units of local government and their employees. The Local Panel handles employer-employee relations in which the employer is the city of Chicago or any of its agencies, or is the county ( Cook ...
Unemployment benefits, also called unemployment insurance, unemployment payment, unemployment compensation, or simply unemployment, are payments made by governmental bodies to unemployed people. Depending on the country and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time ...