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The Illinois Commission on Government and Accountability reports the state’s unfunded liability grew $1.5 million last year to $143.7 billion, the second highest since it was $144.2 billion in 2020.
(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 ...
The Illinois Labor Relations Board (ILRB) is a State agency that administers the Illinois Public Labor Relations Act, the Act that governs relations between Illinois public-sector departments, agencies and offices on the one hand, and public-sector employees on the other. [1]
(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 ...
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.
In 2013, Representative Dunkin voted "yea" [7] to a plan that amended state employee pension plans by drastically reducing the constitutionally protected benefits of Illinois state employees in retirement. The Illinois Supreme Court ultimately found these legislative changes to be unconstitutional. [8]
* The state employees pension system holds $22.5 billion in assets and $52 billion in liabilities. * The state university employee system has $22.5 billion in assets and $49.8 billion in liabilities.
Federal Employees Retirement System - covers approximately 2.44 million full-time civilian employees (as of Dec 2005). [2]Retired pay for U.S. Armed Forces retirees is, strictly speaking, not a pension but instead is a form of retainer pay. U.S. military retirees do not vest into a retirement system while they are on active duty; eligibility for non-disability retired pay is solely based upon ...