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The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees. With a funded status of about 98 percent and more than $50 billion in assets, IMRF is well ...
Since 2001, U.S. statewide pension funds have experienced significant funding challenges due to the recessions of 2001-2002 and 2008-2009. Prior to the Dot-Com Crash, statewide pension funds were over 95.6% funded in the aggregate. In 2002, the funded ratio had declined to 82.1%.
The Chicago Police Department ( CPD) is the primary law enforcement agency of the city of Chicago, Illinois, United States, under the jurisdiction of the Chicago City Council. It is the second-largest municipal police department in the United States, behind the New York City Police Department. [3]
Mayor Brandon Johnson is on the clock. He faces an Aug. 12 deadline to select the next leader of the Chicago Police Department from a list of three finalists handed to him earlier this month. If ...
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees. [1]
The city granted a developer $10 million in incentives to redevelop the Chicago Park Hotel, but he abandoned the project before completion, leaving the building gutted. In February 2018, Harvey became the first city in Illinois to have its revenue garnished by the State in order to fund the city's pension liabilities. The city laid off ...
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Outside of veterans' pensions, the institution of the first public pension plan for New York City Police is considered as the first iteration of a modern pension in the USA. The Police Life and Health Insurance Fund, created in 1857, provided payment to officers injured or otherwise disabled in the line of duty and offered compensation in a ...