Search results
Results from the WOW.Com Content Network
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.
It was required that, in order to qualify for the ballot, the measure be approved by 60% approval of both the Illinois House of Representatives and the Illinois Senate. [1] On April 18, 2012, it passed the House unanimously, 113–0. [2] On May 3, 2012, the bill passed the Senate, 51–2. [1]
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 ...
(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 (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.
(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 ...
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 qualify for a survivors annuity, if: You have at least 1 year of pension ...
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 ...