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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.
The Comptroller of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois.Ten individuals have held the office of Comptroller since the enactment of the Illinois Constitution of 1970, replacing the prior office of Auditor of Public Accounts that was first created in 1799.
In July 2017, OpenTheBooks released an editorial on Forbes titled Why Illinois is in Trouble - 63,000 Public Employees with $100,000+ Salaries Cost Taxpayers $10B. They found, in total, roughly $12 billion in cash compensation flowing to six-figure government workers when counting the 9,031 federal employees based in Illinois.
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The State contribution, as a percentage of the applicable employee payroll, shall be increased in equal annual increments over the 7 year period until the funding requirement specified above is met." [7] People EX REL. Sklodowski V. STATE The General Assembly and the Governor did not live up to the provisions of this amended 15-155.
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 ...
Senators agreed with the House plan to raise every cell in the state’s base teacher salary schedule by $2,500. It brings the starting salary from $40,000 to $42,500. The goal is to reach a ...
The State Controller’s Office typically issues “personnel letters” to communicate larger changes, and CalHR issues its own instructions to departments through “pay letters.”