Why the state needs $5.6 billion more for state pensions to avoid violating federal tax laws.
Pension systems for teachers, state employees and university faculty need about $250 million more a year from Illinois taxpayers to avoid violating federal tax laws.
"Employees of state and local governments are provided an exemption if the employee participates in a retirement system that provides benefits that are comparable or better than the benefits provided through the old-age portion of Social Security," the report states. by signing up you agree to our terms of service The teachers' pension system needs the most money, estimated at nearly $3.4 billion by 2045. The state employees' system would require almost $1.5 billion more during that time. The university faculty and staff pension program needs roughly $804 million, according to the study.
Both the Tier 2 and Social Security salary caps change annually, but they use different formulas. The study suggests the state use the Social Security formula going forward to avoid violating the"safe harbor" requirement. The $5.6 billion needed represents 4% of the $137.9 billion already earmarked for those pension systems through 2045, according to the study.
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