Illinois – Prairie State Policy

The State Pension Fund with the lowest funded ratio: GARS

The General Assembly Retirement System (GARS) was established in 1947 to provide lawmakers and certain members of the executive branch with a mechanism to save for retirement. Like Illinois’ other four state‑run pension systems, GARS is structured as a defined benefit plan, offering guaranteed lifetime pensions based on salary and years of service. Because theContinue reading “The State Pension Fund with the lowest funded ratio: GARS”

Mid-year update on the State Pension System

Illinois pensions remain significantly underfunded, but the trajectory has improved over the last several years due to full statutory payments, supplemental contributions, and strong investment markets. Earlier this year in February, Gov. Pritzker announced a path to full funding by 2048, building on a 2024 multi-tiered pension plan and recent credit upgrades. The administration plansContinue reading “Mid-year update on the State Pension System”

New census numbers debunk the common perception of exodus (At least for Chicago and Suburbs)

Here in Illinois, there is the common perception that the state faces a crisis of mass exodus due to high property taxes, political corruption, and fiscal challenges. While these problems certainly do exist, recent U.S. Census data indicates the common perception may not be as serious as the reality. First, it is true that IllinoisContinue reading “New census numbers debunk the common perception of exodus (At least for Chicago and Suburbs)”

Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions

What are Pensions? Pensions are money owed to former public employees as severance to their public service and work. Recipients of these benefits in Illinois include teachers, police, firefighters, state employees, judges, and more. Recipients start collecting this benefit at retirement. How Pensions Work Both the pension recipient and Illinois taxpayers pay into a specificContinue reading “Dissecting Illinois’ Public Pension Problem Part II: Modeling Pensions”