10.31.12
The State of Illinois needs to contribute a total of $6.8 billion to its five retirement systems in FY2014 to meet statutory funding requirements, according to recent recommendations by the five systems.
The proposed total FY2014 contribution amount is $964.7 million, or 16.4%, more than...
10.04.12
09.21.12
The State’s largest retirement system voted on September 21, 2012 to reduce its assumed rate of return on investment, a decision that will increase the annual State contribution required by law beginning in FY2014.
The Board of Trustees of the Teachers’ Retirement System (TRS...
08.24.12
The State’s largest retirement system postponed until September a decision on whether to reduce the system’s assumed rate of return on investment — a decision that could result in an increase in the annual State contribution required by law.
As discussed...
07.05.12
As public pension liabilities around the nation continue to grow, public officials and pension fund boards are looking into alternatives to traditional defined benefit (DB) pension plans. Two kinds of “hybrid” retirement plans have achieved particular prominence in the past year:...
06.21.12
In light of the State of Illinois’ pension funding crisis, it has become more widely understood that the annual Cost of Living Adjustment, or COLA, plays a large role in the State’s overall...
06.01.12
The following opinion piece by Civic Federation President Laurence Msall was published by Crain's Chicago Business on June 1, 2012 .
Yesterday was a most...
05.01.12
The Civic Federation supports Governor Pat Quinn’s $57.4 billion FY2013 recommended operating budget, because it acknowledges the depth of the State’s financial problems and would put...
04.19.12
Public officials and opinion leaders in Illinois have expressed much interest in the landmark pension reforms approved in Rhode Island in 2011. Chicago Mayor Rahm Emanuel...
04.12.12
The Teachers’ Retirement System of the State of Illinois (TRS) has concluded that it can no longer rely on the State to follow the law for funding its five retirement systems and that sweeping changes are needed to sustain the pension funds.
On March 30, 2012, the TRS Board of...
