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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.
Federal Employees Retirement System - covers approximately 2.44 million full-time civilian employees (as of Dec 2005). [2]Retired pay for U.S. Armed Forces retirees is, strictly speaking, not a pension but instead is a form of retainer pay. U.S. military retirees do not vest into a retirement system while they are on active duty; eligibility for non-disability retired pay is solely based upon ...
(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 Municipal Retirement Fund is the only one of 17 funds cited in the report that is — pretty much — fully funded. Financed through property taxes, IMRF has $58.1 billion in assets ...
(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 ...
State Retirement Systems of Illinois; State Teachers' Retirement System; 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 ...
(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 ...