New Details Emerge on Illinois' "Tier 3" Pension Plan
Release: September 27, 2017
Illinois' fiscal year 2018 budget introduced major changes to the state's public pension systems in an attempt to grapple with Illinois' roughly $130 billion in unfunded liabilities. One of the most important aspects of these changes was a new package of benefits. This new package, called "Tier 3," introduced a hybrid defined benefit-defined contribution plan in addition to the defined benefit plans of Tier 1 and Tier 2.
The Illinois Pension Funding Problem: Why It Matters
Release: November 20, 2006
An analysis of the five Illinois retirement systems finds that the state's worst-in-the-nation unfunded pension liability has grown by more than $7 billion in just the last two years.