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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. [1]
The typical IMRF retiree receives a modest and sustainable benefit, earned after decades of public service. In 2020, 56% of retirees received a benefit of less than $12,000 annually. [2] In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award for Performance Excellence.
(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 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.
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) – 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 rankings below are the 30 largest public pension plans in the U.S., according to the 2018 list compiled by Pensions & Investments. [1] Because this information is now several years old, the numbers and rankings may no longer be entirely accurate.
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 ...