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IMRF is a defined benefit retirement plan that provides retirement, survivor, disability, and death benefits to municipal government employees in Illinois. It is governed by Article 7 of the Illinois Pension Code. Eligible employees are automatically enrolled in IMRF when employment begins.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
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 ...
For years, rising public safety pension costs have hung like a dark cloud over budget talks in Peoria and many other Illinois municipalities. Pension costs continue to balloon and eat up more and ...
Illinois’ unfunded pension liability is $140 billion. That doesn’t include tens of billions in liabilities from subsidized health care coverage for public employee retirees.
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.
Behind only Connecticut, Fitch pegs Illinois’ unfunded pension liability and other post employment benefits at $206.5 billion, taking up 22.8% of the state’s personal income. Tool company to ...
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