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The pension replacement rate, or percentage of a worker's pre-retirement income that the pension replaces, varies significantly across states and benefit tiers within state retirement systems. Whether or not a worker is enrolled in social security can significantly impact how secure a public worker’s retirement is.
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 ...
Persons employed in certain state agencies and statewide or national organizations related to education are also active TRS members. As of June 30, 2021, there were 159,027 active members. Inactive members are no longer contributing to the System but have service credit that will entitle them to draw a benefit or refund when statutory ...
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 ...
(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 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.
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]
Between now and 2040, Peoria owes, roughly, $360 million in public safety pension payments due to a state mandate that police and fire pensions be 90% funded by 2040.