SERS – Prairie State Policy

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”

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”