ILLINOIS PENSION PUZZLE

LUBOTSKY, DARREN

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https://hdl.handle.net/2142/110122 Copy

Description

Title

ILLINOIS PENSION PUZZLE

Author(s)

LUBOTSKY, DARREN

Issue Date

2012-02-03

Keyword(s)

policy, pension, public, events, government, public

Abstract

The funding of public-sector pensions has been among the most hotly debated issues in Illinois recently. State-funded pensions currently do not have enough assets on hand to pay all currently promised benefits. The public perception is that these pension programs, as currently structured, are not sustainable and are a drain on state revenue. This report explains how these public programs work, reviews the relevant financial issues, and gives an overview of options for reform. There are five public-sector pension programs in Illinois: the State Employees’ Retirement System (SERS) for employees of the state government; the Teachers’ Retirement System (TRS), which provides benefits to most public school teachers (teachers in the Chicago Public Schools participate in a separate plan); the State Universities Retirement System (SURS), which provides benefits to employees of public universities and community colleges; the Judges’ Retirement System (JRS), which provides benefits to judges; and the General Assembly Retirement System (GARS) for members of the General Assembly. Most SERS participants also pay into the Social Security system. Participants in the other pension programs do not concurrently participate in Social Security and thus their pension represents their primary source of retirement savings. Participants in all programs are part of the Medicare system.

Publisher

Institute of Government & Public Affairs

Type of Resource

text

Permalink

http://hdl.handle.net/2142/110122

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