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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.
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 ...
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Operating budgets pay pensions, salaries, rent, etc. So state debt levels related to bond issuance and the funding of pension obligations have substantially remained separate issues up to this point. State debt levels have ranged between 12% and 18% of GDP between 1979 and 2009. During the second quarter of 2010, the debt level was 16.7%.
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Later in that same year, the Illinois legislature mandated participation by all Illinois school districts (except those located in the city of Chicago) and all their employees except those covered by the Teachers' Retirement System of the State of Illinois. Coverage of schools increased the number of employers in IMRF from 156 to 652 and the ...
Story at a glance Illinois is now the third state in the nation to require employers to offer workers paid time off “for any reason.” Illinois workers will be able to use their earned time off ...