Update: Addressing Illinois’ Pension Debt Crisis With …

Oct 16, 2019 · CTBA proposes resolving the pension debt crisis by reamortizing our payment schedule, creating a sustainable, level-dollar plan that saves the state $45 billion and gets the pension systems 70 percent funded by 2045. The state of Illinois has foregone $22 billion in …

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Update: Addressing Illinois’ Pension Debt Crisis With …

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Illinois State Pension Debt Climbs To $144B

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Dec 16, 2024 · Impact of Tier 2 on the pension crisis The 2024 pension report concludes with a note from the actuaries on the savings from Tier 2. Illinois’ Tier 2 pension plan, implemented in …

illinoispolicy.org

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From IPI: Illinois State Pension Debt Climbs To $144B

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Dec 18, 2024 · Impact of Tier 2 on the pension crisis. The 2024 pension report concludes with a note from the actuaries on the savings from Tier 2. Illinois’ Tier 2 pension plan, implemented in …

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How Illinois Can Start Solving Its Pension Debt Crisis

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Sep 17, 2023 · The left-leaning Center for Tax and Budget Accountability would reamortize the pension debt, selling $6.7 billion in bonds to fund large upfront pension contributions over …

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Solutions To Illinois Pension Debt: What To Know - Illinois Answers …

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Sep 14, 2023 · Part One: Erasing Illinois’ $140B in Pension Debt. Part Two: Lessons from Other States’ Reforms. Part Four: The Politics at Play. The key proposal — the call for an income tax …

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Setting The Record Straight On Illinois’ Fiscal Shortcomings

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May 5, 2020 · CTBA proposes resolving the pension debt crisis by reamortizing our payment schedule, creating a sustainable, level-dollar plan that saves the state $45 billion and gets the …

ctbaonline.org

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Illinois Quick Hits: Illinois Public Pension Debt Grows - MSN

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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 ...

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Report: Illinois, Chicago Public Pension Crises Worst In U.S.

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Jul 19, 2023 · Illinois state and local pension debt now tallies $218 billion with both debt to GDP and funding ratios the worst in the nation, according to a new Equable Institute report. ...

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AUDIT SHOWS CHICAGO’S UNFUNDED PENSION DEBT HAS …

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Jul 3, 2024 · It’s the second straight year that the pension crisis has grown by more than 5%. The Firefighters Pension Fund once again hovers closest to bankruptcy, with assets to cover just …

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#MicroStrategy Hits 446,400 BTC Despite Stock Slump - YouTube

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MicroStrategy now holds 446,400 BTC worth $42B, doubling down on its Bitcoin strategy even as MSTR stock drops 36% from its all-time high. Will Saylor’s bold...

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FAQs about Update: Addressing Illinois’ Pension Debt Crisis With … Coupon?

Does Illinois have a pension crisis?

Illinois is home to the nation’s worst pension crisis. Chicago alone faces more pension debt than 44 states. State and local pension debt cost each Illinois household roughly $26,533 between 2002 and 2021. Illinois households are paying the third-most in the U.S. for state pension debt. ...

Why did Illinois' State Pension Debt grow in 2022?

Researchers attributed most of the growth to “larger than expected salary increases.” Illinois’ state pension debt grew by $2.6 billion between fiscal years 2022 and 2023, spurred primarily by “larger than expected salary increases” for state employees. ...

Does Illinois' public pension debt make it worse?

Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse. Illinois’ public pension problems are facing a new threat impacting the newer hires covered under the more modest “Tier 2” retirement benefits: the state can either add $280 million a year into their plans or face the feds demanding over $856 million a year. ...

How does Tier 2 affect Illinois' pension crisis?

Impact of Tier 2 on the pension crisis The 2024 pension report concludes with a note from the actuaries on the savings from Tier 2. Illinois’ Tier 2 pension plan, implemented in 2010, has been beneficial in reducing long-term costs. ...

How much is Illinois' Pension Debt?

The agency’s calculations put Illinois’ per household debt at more than $66,000 each. It’s the highest debt burden for state pensions in the country. Any way you measure it, the burden on Illinoisans is growing. For more on Illinois’ pension crisis and what can be done about it, read Wirepoints’ four-part series: ...

Why did Illinois increase its Pensions in 2045?

One of the biggest factors behind that increase: pensions, of course. A state law obligates Illinois to increase pension contributions by stairstep amounts each year — climbing from $6.9 billion in 2015 to $18.2 billion in 2045. And even after all that, the system still would be only 90% funded that year — below the 100% that actuaries recommend. ...