EARLY RELEASE: Financial State of Chicago : News : Truth in …

2 days ago · A Deepening Pension Crisis. The city’s pension systems remain among the worst-funded in the nation, with just 22 cents set aside for every dollar of promised pension benefits. …

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Illinois State Pension Debt Climbs To $144B

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Dec 16, 2024 · Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. ... Impact of Tier 2 on the pension crisis. The 2024 pension report concludes with a …

illinoispolicy.org

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Illinois Pension Crisis - Wikipedia

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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. Illinois has the second highest unfunded pension ratio, after New Jersey. Illinois state budget co…

wikipedia.org

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Report Shows Illinois Has Worst Funded Pension System

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Jul 31, 2023 · (The Center Square) – Illinois currently has an estimated $429 billion in pension liabilities, which is the most in the nation, according to a recent report. Even though the state …

thecentersquare.com

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How Generous Are Those Illinois Pensions? – CEPR

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May 19, 2015 · “One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year. “That’s 80,365 …

cepr.net

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Madigan Will Retire With $2.9 Million Public Pension ... - Illinois Policy

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Feb 19, 2021 · The system he will draw from, the General Assembly Retirement System, is the worst-funded of the state’s five public pension systems with just 17% of what it is expected to …

illinoispolicy.org

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$100K Reward Offered In Loop Mail Theft Case - Yahoo

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12 hours ago · WGN Chicago Wed, January 15, 2025 at 1:31 AM UTC The local division of the U.S. Postal Inspection Service on Tuesday offered a $100,000 reward for information that …

yahoo.com

FAQs about EARLY RELEASE: Financial State of Chicago : News : Truth in … Coupon?

What is the Illinois pension crisis?

Is Chicago facing a pension crisis?

Chicago is officially on the hook for $63.2 billion in government pensions, making it clear that the city is in a pension crisis. The debt burden also includes significant amounts for health insurance and long-term debt. ...

Does Illinois have a pension problem?

While accurate, that analysis only tells part of the story. The problems run deeper. Illinois makes some of the largest pension contributions of any state to fund its systems. According to Wirepoints research, the annual average growth rate of Illinois pension assets was 5.5% from 2003-2017. That’s the 8th fastest in the country. ...

What if Chicago's pension fund goes bankrupt?

If the pension fund does get close to insolvency, Chicago can most likely keep the pension checks flowing by suspending payments to bondholders. Illinois has no legal provision for Chicago to declare bankruptcy, meaning the state would be forced to rush legislation into place to prevent financial chaos. ...

How much did Illinois' public pension liabilities grow in the past year?

Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected. ...

How many pension plans are there in Illinois?

Illinois' pension obligations are made up of five pension plans for public sector employees. The plans, and their respective size and funding level, include: Dating as far back as 1917, reports by the Illinois legislature described the condition of the state and municipal pension systems as "one of insolvency" and "moving toward crisis". ...