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Illinois Pension Costs Up By $1B
Illinois will have to pay $1 billion more to its pension funds because of the emergence of smaller employee contributions.
Illinois will have to pay $1 billion more to its pension funds because of the emergence of smaller employee contributions,Pensions & Investments报告。增加19%的义务,to $5.9 billion from $4.9 billion in fiscal 2012, had not been anticipated. Chicago-basedIllinois State Board of Investment’s executive directorWilliam Atwoodattributed increase to the change to the systems.
TheTeachers’ Retirement System of the State of Illinois, theIllinois Municipal Retirement Fund, theState Universities Retirement System of Illinoisand the Illinois State Board of Investment collectively hold more than $83 billion in assets. The state’s retirement system has assets to pay 45 percent of promised benefits, whereas the state law requires the system to reach a 90 percent-funded ratio by 2045.
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