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Another brick in the ruined building which is the Illinois retirement system has just come out in its place.
The new data of the State analyzed by the Illinois Policy Institute, a non -profit research organization, highlights the generous level 1 “level 1” pension system.
Last year, 22 Illinois retired government employees received annual pensions over $ 400,000, according to a law on the freedom of information obtained by the Illinois Policy Institute. After these 22 names, 32,000 other people who received annual pensions of $ 100,000. The revelation comes as the Retirement Debt of the Illinois government is approaching a record of $ 145 billion, the highest ratio in the country.
The population of Illinois ages faster than the rest of the country, warns editorial
The “Level 1” pension offers generous advantages – including the eligibility for early retirement, higher payments and composed annual increases – that many experts have deemed financially unrealistic and non -sustainable in the midst of state -of -state pension liabilities.
Governor JB Pritzker’s office did not immediately respond to Fox Business’s comments. The Illinois room and Senate did not respond to requests for comments.
Visitors are walking around Cloud Gate, otherwise known as Bean, in Millennium Park on June 23, 2024, in Chicago. (Armando L. Sanchez / Chicago Tribune / Tribune News Service Via / Getty Images)
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The Illinois ranks last among all the states in terms of ratio funded by pensions – the amount of money it has put aside in relation to what it should.
The budgetary situation has a heavy burden on taxpayers, who are also faced with some of the country’s highest land taxes. The average effective land tax rate of the State oscillates around 2.11%, which represents more than double the national average of 1.02%.
