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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 ...
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.
Behind only Connecticut, Fitch pegs Illinois’ unfunded pension liability and other post employment benefits at $206.5 billion, taking up 22.8% of the state’s personal income. Tool company to ...
(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 Retirement Systems Reciprocal Act ensures that pension credits remain in the system in which they are earned. You may not transfer your credits from one system to another. You will be entitled to a retirement annuity from each system, and you survivor(s) will qualify for a survivors annuity, if:
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 Center Square) – Illinois unfunded pension liability is growing. The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion.
In recent years, the cumulative effect of the 3 percent annual increases has been recognized as one of the major causes of Illinois' public employee pension crisis. In 1993, the State of Illinois Center in Chicago was renamed the James R. Thompson Center to honor the former governor. [16]