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6 dni temu · Tier 2 has created a complex situation. It reduced pension costs and liabilities for the state by an estimated $976.4 million in the year of its adoption and was projected to save over $71 billion ...
14 lis 2024 · A coalition of public service unions want to see the “Tier 2” employees’ final average salary pension calculation and retirement ages in line with the previous “Tier 1” system as well as...
26 paź 2023 · In all, Chicago owes $35.4 billion to its four employee pension funds representing police officers, firefighters, municipal employees and laborers, an increase of 5% from 2021, according to the report.
2 lip 2024 · The city faces a $2.74 billion pension bill in 2025, according to city records, in order to comply with a state law that requires two of Chicago’s funds be funded at a 90% level by 2055 and the other two by 2058, ensuring they can pay benefits to employees as they retire.
The growing cost of pensions has trapped the state, the city of Chicago, and hundreds of municipalities in financial crises, forcing many governments to raise taxes and shortchange programs...
2 maj 2024 · CTBA's new report, "Understanding and Addressing Chicago's Pension Funding Crisis" details the true causes of Chicago’s pension funding problems, how state law made matters worse, recent attempts to address Chicago’s pension funding crisis, and presents CTBA’s proposal for responsibly re-amortizing the pension debt to generate roughly $11 ...
10 maj 2023 · State Sen. Robert Martwick (D-Chicago) is proposing legislation he says would “fix” a 2010 law that aimed to stem Illinois’ pension crisis by cutting back retirement benefits for future public employees.
