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Pension Presentation at the University of Illinois

April 25, 2012

By IRSI

On April 24, 2012, Amanda gave a presentation at the University of Illinois about the state retirement systems. The event was hosted by the Campus Faculty Association.

The following are links to media coverage of the event:

http://wicd15.com/newsroom/top_stories/videos/vid_5138.shtml

http://www.news-gazette.com/news/education/2012-04-24/forum-focus-governors-latest-pension-plans.html

http://www.dailyillini.com/index.php/article/2012/04/ymca_holds_forum_to_discuss_quinns_pension_program_plan

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Illinois Public Employee Retirement Systems

Get the facts on the five state-funded retirement systems. Who gets a public pension, and what do they get?

Frequently Asked Questions

Q: Why are some calling for Illinois to switch from a defined benefit to defined contribution system?

A. As of 2011, Illinois faces an unfunded pension liability that exceeds $80 billion, one of the largest in the nation. Calls have been made to switch Illinois from its current defined benefit system to a defined contribution system due to misunderstandings regarding the sources of this large debt and the effects of a system switch.

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Q. What is the average pension for a public employee in Illinois?

A. Based on Census Bureau data, the 2009 national average pension benefit for state and local employees was approximately $23,400 per year, and the Illinois average public pension benefit was approximately $27,400 per year.