By Andrew R. Schwartz | Published November 22, 2022 | Posted in Public Pensions | Tagged Tags: Illinois pension debt, municipal government, pension intercept law | Comments Off on Illinois’ Pension Crisis Goes From Bad to Worse, Leaving Funds in the Lurch
Illinois’ Pension Crisis Goes From Bad to Worse, Leaving Funds in the Lurch
Millions of fire and law enforcement officers, educators and other civil servants across the nation have devoted decades of service in the expectation that they will receive pensions when they’re ready to retire. But in Illinois, many pension plans are severely underfunded, threatening their ability to meet the needs of present and future pensioners. Trustees Read More
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As Illinois Public Pension Crisis Continues, More Intercept Cases Are Likely
Illinois’ municipal public safety pensions remain drastically underfunded, according to recent studies. The disparity shows no sign of abating, as municipal tax revenues that finance the pensions have fallen during the COVID-19 pandemic. Threatened with insolvency, pension trustees throughout the state may need to use the state’s powerful “pension intercept” law to obtain the needed Read More
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Federal Bill Would Provide Billions for Illinois Pension Crisis Relief
The Illinois pension crisis continues to be the worst in the country. According to a state financial report, Illinois pension funds currently have a shortfall of $137 billion, meaning that only 40 percent of pensions for teachers, state workers, judges, public university employees and local government employees are actually funded. A federal bill called the Read More
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Pension Intercept Requested for East St. Louis Firefighters’ Fund
For the third time since enactment of the Illinois pension intercept law, a municipal employee pension board seeks to have city monies redirected to replenish long-neglected funds.
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