How to calculate the pension value of your Illinois state pension
- July 11, 2021
The Illinois State Teachers’ Retirement System has a $16 billion pension value.
It’s a staggering figure considering the state’s population is nearly 80 percent black.
In the past, it’s been a common topic on state and local blogs.
But the pension has been subject to a series of problems in recent years, with a new state audit finding serious flaws.
In 2016, state lawmakers took the issue seriously.
After a year of hearings, they voted to increase the pension by $1.25 billion in 2018, $200 million in 2019, $300 million in 2020 and $400 million in 2021.
The increase would keep the current level of $15,844 per month.
Now, the Illinois pension value is the second-highest in the country.
That’s because the state pension is indexed for inflation and is adjusted for inflation each year.
That means it’s only worth what it costs to fund the pension.
That could be a problem if state lawmakers decide to reduce the pension’s value next year.
What if the state is able to find more money to pay for the pensions?
There are several options for how the state can pay for its pensions.
The first is to use the state budget to raise the current pension value, or raise the pension incrementally by more than the inflation rate.
That would be a significant step toward reducing the pension to its current value.
The other option is to increase a portion of the pension that pays out for administrative costs and other services that state employees receive.
The state is also considering changing the way the pension is valued.
That change would allow the state to keep the $16.8 billion in pension money but make the value more progressive.
If the state were to do this, the value would fall to $14.5 billion, which is less than half the $20.6 billion it’s now.
But even if the pension were to go down in value, the state would still receive a larger amount of money from taxes and fees than it would if it were to increase it.
The last option would be to eliminate the state government’s right to set the pension index.
The idea is to give the state more control over how the pension was calculated.
This would be more like a traditional pension than a traditional retirement plan.
But it would require state lawmakers to approve changes to the state retirement system.
A study released this year found that eliminating the pension fund would reduce the state total retirement benefit by $2.8 trillion, or roughly 14.5 percent of the state gross domestic product.
State lawmakers haven’t acted on the report.
If a state pension fund were to be eliminated, the total benefit would still be greater than the state economy would have generated without the fund.
This means that reducing the value of the Illinois state retirement fund would cost the state less in tax revenue than the amount the state paid to the pension system.
It also means that Illinois would pay more in benefits than it currently receives from state government employees.
And it means that the state could have to increase taxes to fund pension payments.
In 2018, the governor proposed cutting the state payroll by 5 percent in order to fund pensions.
State legislators voted to do that.
But after the plan was approved, they delayed it until 2021.
That meant that Illinois’s pension value fell by $400 billion from the previous year.
A state report released this month found that the value was only slightly higher this year because of a higher increase in the state sales tax, but the state still had a $1 trillion deficit.
In 2017, state legislators approved a $600 million bond to finance pension payments through 2027.
That was a big increase over the $300 billion bond approved in 2018.
The legislature also increased the state debt limit by $200 billion this year, to $2 trillion.
The governor has said that this will keep the state financially stable, and the pension issue is a big part of that.
In 2020, lawmakers approved a new pension plan that would pay out more than $1 billion a year, based on the value at the end of 2020.
The plan would include a special formula that allows the state system to keep paying out more to the system than the market value of what’s available in the market.
This formula was used in 2014 to pay out $1 million a year for a year to retirees.
The formula has been controversial, as the state has already used it on several occasions in recent months to pay its bills.
In addition, lawmakers increased the amount of debt that would have to be paid to Illinois by $150 billion over the next decade.
