Just as choosing the right investment manager or managers is important for growing retirement plan
assets, carefully selecting a financially sound and experienced custodian is critical for keeping retirement
plan assets safe.
In accordance with state law, the Department of Insurance (“Department”) is to annually determine certain annuity
limitations for use in benefit determinations by the Retirement Systems and Pension Funds operating under the
Illinois Pension Code.
Taking the next major step toward consolidating the patchwork of 650 first responder pension plans across the state, Governor JB Pritzker named 18 members to two interim boards that will manage the new statewide investment funds.
The funding of public employee pensions is
shared by employees and employers. New SERS
employees contribute 4% or 8% of their pay into
the fund, depending on if they are covered by
Social Security. Over time, investment income
earned by the fund does most of the work. In
fact, between 1993 and 2014, taxpayers paid
only 30.4% of the cost of benefts.
Illinois like every state faces challenges to the financial
security of future retirees. The state’s average – 5 out of 10
– score on the Financial Security Scorecard means that its
next generations have slightly higher potentials for financial
insecurity in retirement than in other states.