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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]
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 Public Pension Amendment was a proposed amendment to the Illinois state constitution. On November 6, 2012, Illinois voters rejected it in a statewide referendum. [1] A legislatively referred constitutional amendment, if approved, it would have amended the Constitution of Illinois. [1]
The on-set of the pandemic resulted in funded ratios dropping back down to 71.2% in 2021, followed by a rebound to 84.5% in 2021. In 2022, market corrections resulted in the largest single-year decline since 2009, bringing the aggregate funded ratio to 77.8%. [15] As of July 2022, unfunded liabilities for statewide plans totaled $1.2 trillion.
(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.
Peoria's general fund revenue will contribute roughly $7.5 million of that pension payment this year, with about $2.6 million of that coming from the city's reserve fund.
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.
Social Security Rules Could Result in Pension-Eligible Recipients Having Benefits Taken Back — How To Plan for Overpayments ... estimates that as of December 2022, about 2 million people, or 3% ...