Illinois Pension

The state of Illinois, in a similar fashion to the state of California, provides an Illinois pension plan for retired state workers and educators. However, a large amount of legal wrangling has surrounded the inability of the pension fund to potentially support the over 700,000 workers that can currently or will be able to claim benefits under the pension plan. In recent years, the Illinois pension fund for public workers and teachers has operated at less than fifty-seven percent of their full funding amount, which is well below the eighty percent standard of a fiscally healthy pension fund. Fortunately, for pension benefactors, the state constitution of Illinois guarantees workers the right to collect their pension benefits and prohibits legislators from reducing or taking away these benefits.

Fast Facts

  • The Illinois state pension has an average, or AA, rating from Standard and Poor's
  • The Illinois pension fund debt is well over $45 billion dollars as of 2009, and is increasing at a rate of over $120 per second

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