This week, Gov. Bruce Rauner gave his fiscal year (FY) 2019 budget address, revealing his revenue and expenditure proposals for the upcoming year. The governor’s proposal relies on $1.5 billion in cost reductions to balance the budget, including:
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.
Ever want to know what the average pension is for a state employee? What’s a funding ratio, and what are the funding ratios for the different pension funds? How much did benefit increases cost the pension systems?