> 90% of state/local pensions are administered at the state level.
Source? There is no shortage of articles online describing cities’ budget woes due to underfunded pensions needing increased contributions.
Jacksonville, Dallas, San Diego, San Bernardino, Detroit, Los Angeles, Chicago, the list goes on and on. The state government has a pension fund for state employees, cities can have one for city employees, counties can have one for county employees.
Illinois actually codifies in its state constitution the fact that the government may NOT alter pension benefits.
Here are some links about the obligations of individual cities:
Source? There is no shortage of articles online describing cities’ budget woes due to underfunded pensions needing increased contributions.
Jacksonville, Dallas, San Diego, San Bernardino, Detroit, Los Angeles, Chicago, the list goes on and on. The state government has a pension fund for state employees, cities can have one for city employees, counties can have one for county employees.
Illinois actually codifies in its state constitution the fact that the government may NOT alter pension benefits.
Here are some links about the obligations of individual cities:
https://www.truthinaccounting.org/news/detail/2020-financial...
https://www.data-z.org/pension_database/