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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.
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 City Treasurer’s Office is the custodian and manager of all cash and investments for the City of Chicago, the four City employee pension funds, and the Chicago Teacher’s Pension Fund. Additionally, the Treasurer’s Office manages a number of programs that promote financial education and small business growth in Chicago’s neighborhoods.
Retired Chicago teacher returns to work to keep a roof over her head — how inflation is draining seniors’ nest eggs Bethan Moorcraft June 11, 2024 at 2:58 AM
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.
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Metro Chicago Information Center (MCIC) was an independent nonprofit research and consulting resource based in Chicago, Illinois. MCIC was founded in 1990 by a consortium of business and philanthropic leaders at the Commercial Club of Chicago to regularly collect demographics and baseline data on social policy and human needs for the 6-county metropolitan Chicago region. [1]
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