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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.
As of July 2022, unfunded liabilities for statewide plans totaled $1.2 trillion. Statewide retirement systems account for the bulk of unfunded liabilities in the US. State Pension plans account for approximately 88% of all unfunded liabilities of non-federal retirement systems.
The locality pay adjustment is counted as part of the "high-3" salary in calculating Federal Employees Retirement System (FERS) and Civil Service Retirement System (CSRS) annuities, as well as the baseline for individuals having a percentage of salary deducted for deposit into the Thrift Savings Plan .
Illinois ranked 39 in a new study that compared U.S. states on a variety of factors ranging from veterans per capita to the number of Veterans Administration health facilities to job...
Uncle Sam gives working folks 50 and older the chance to contribute a little bit extra to qualified retirement accounts like 401(k)s, 403(b)s, and IRAs.
The Illinois General Assembly created the Teachers’ Retirement System of the State of Illinois (TRS or the System) in 1939 for the purpose of providing retirement annuities, and disability and survivor benefits for educators employed in public schools outside the city of Chicago.
If approved as part of the county budget, the 3.25 percent raise for county government workers would go into effect in September. Police officers would see a 2.1 percent bump in July.
In 2013, Illinois passed a pension reform bill which reduced retiree cost of living increases, raised retirement ages, limited pensionable salary, lowered the amounts current employees contribute, set up voluntary 401(k)s and guaranteed the state makes contributions on time.
The State Universities Retirement System, or SURS, is an agency in the U.S. state of Illinois government that administers retirement, disability, death, and survivor benefits to eligible SURS participants and annuitants.
Current Illinois law says non-residents may be hired if there are fewer than three residents available for appointment on an eligibility list and the director the Department of Central Management...