Illinois Public Pension Compendium – Part Two: Diminished or Impaired
Our objective in part one of the Illinois Public Pension Compendium was to familiarize readers with common pension nomenclature. We touched on several pension accounting principles as well as selected nuances of the Illinois pension system. Part two of our series will concentrate on the State’s pension funding history. We traced Illinois’ pension policy research back nearly a century. From there we chronicled influential legislative actions in order to construct a fair and balanced narrative. We avoided defining one particular event as the decisive moment that forever changed the course of the pension system. Numerous factors play a role in the funding and performance of pension systems, some proportionately more than others. We’ll explore the various factors in part three of our series.