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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 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.
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 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 pensions crisis or pensions timebomb is the ... the estimates for the underfunding of the United States state pension programs ranged from ... Illinois, Kentucky ...
On August 17, 2012, Governor Pat Quinn called the General Assembly into special session to address the Illinois pension crisis. [5] No changes to the state pension system were passed. The House and Senate voted to place the Illinois Public Pension Amendment on the November 2012 ballot, which would have amended the Illinois Constitution to ...
(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 ...
In 1994, Edgar signed into law Public Act 88-593, a bipartisan compromise bill between Edgar and Illinois House Speaker Mike Madigan to address the state's developing pension crisis. [1] Prior to 1981, the State of Illinois funded pensions on an "as-you-go" basis, making benefit payouts as they came due, with employee contributions and ...