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(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 ...
(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.
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.
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. [1]
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 ...
The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them.