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State of pension system
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside
Illinois_pension_crisis
Predicted difficulty in funding pensions
The pensions crisis, or pensions time bomb is the predicted difficulty in paying for corporate or government pension benefits in various countries, due
Pensions_crisis
List of U.S. state budgets List of countries by credit rating Illinois pension crisis "History Of U.S. State Ratings". S&P Global. Retrieved 2026-01-24
List of U.S. states by credit rating
List_of_U.S._states_by_credit_rating
State agency in Illinois, United States
Chicago Teachers Union Education in Illinois Illinois pension crisis Illinois Public Pension Amendment Public employee pension plans in the United States State
Teachers' Retirement System of the State of Illinois
Teachers'_Retirement_System_of_the_State_of_Illinois
Retirement fund
A pension (/ˈpɛnʃən/; from Latin pensiō 'payment') is a fund or pay-as-you-go scheme into which amounts are paid regularly during an individual's working
Pension
American politician (1946–2025)
unleashed Illinois' pension crisis". Illinois Policy. October 27, 2015. Brown, Jeffrey R; Dye, Richard F (June 1, 2015). "Illinois Pensions in a Fiscal
Jim_Edgar
Worldwide economic crisis
A major worldwide financial crisis centered in the United States took place in 2008. The immediate cause of the crisis was the collapse of the 2000s U
2008_financial_crisis
US nonprofit organization
and the Pension Crisis". Citybarbs.com. Archived from the original on April 11, 2021. Retrieved January 20, 2019. "CEOs vs Illinois". Illinois Education
Commercial_Club_of_Chicago
Illinois state legislative session from 2011 to 2012
the Illinois pension crisis. No changes to the state pension system were passed. The House and Senate voted to place the Illinois Public Pension Amendment
97th Illinois General Assembly
97th_Illinois_General_Assembly
Governor of Illinois from 1977 to 1991
has been recognized as one of the major causes of Illinois' ongoing public employee pension crisis. Thompson was also credited for helping save the Chicago
Jim Thompson (Illinois politician)
Jim_Thompson_(Illinois_politician)
Most populous city in Illinois, US
entered a fiscal crisis, the result of decades of underfunded municipal pensions. The city's budget deficit neared $1 billion in 2025. The crisis occurred against
Chicago
2007 mortgage crisis in the United States
subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe
Subprime_mortgage_crisis
unpopular governor." Quinn in 2012 feared Illinois was "on the verge of a financial meltdown because of pension systems eating up every new dollar and health
History_of_Illinois
21st century 793-day-long U.S. state budget crisis
The Illinois budget impasse was a 793-day-long (2 years and 62 days) budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois
Illinois_budget_impasse
Pension and insurance provider for public employees in Kentucky, U.S.
warning signs? Pension crisis hits states. Here's the biggest, smallest funding shortfalls". USA Today. Retrieved July 9, 2021. "Pension Reform". Kentucky
Kentucky Public Pensions Authority
Kentucky_Public_Pensions_Authority
Public health crisis in Flint, Michigan
The Flint water crisis was a public health crisis from 2014 to 2019 which involved the drinking water for the city of Flint, Michigan, being contaminated
Flint_water_crisis
Governor of Illinois from 2015 to 2019
through his retirement in October 2012. A number of state pension funds, including those of Illinois, have invested in GTCR. In 2013, Rauner opened an office
Bruce_Rauner
Illinois research organization
of Greater Chicago State of Illinois Of major interest to the Civic Federation is the impact that public employee pension systems have on government budgets
Chicago_Civic_Federation
Point where a person ceases employment permanently
had access to a traditional defined benefit pension plan as of March 2023.These plans, often called pensions, are increasingly rare, especially in the private
Retirement
Ex-Slave Mutual Relief, Bounty and Pension Association (MRB&PA) was an organization founded for the purpose of obtaining pensions for former slaves from the Federal
National Ex-Slave Mutual Relief, Bounty and Pension Association
National_Ex-Slave_Mutual_Relief,_Bounty_and_Pension_Association
US financial crisis from 1986 to 1995
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of approximately a third of the savings and loan associations
Savings_and_loan_crisis
The 2018 Illinois gubernatorial election took place on November 6, 2018, to elect the governor of Illinois. Republican Governor Bruce Rauner ran for reelection
2018 Illinois gubernatorial election
2018_Illinois_gubernatorial_election
1984 United States law
October 1991 (of which 21 states did so), and Department of Labor-regulated pension funds. Fabozzi & Modigliani 1992, p. 31. Beer & Faulkner 2011, p. 50. The
Secondary Mortgage Market Enhancement Act
Secondary_Mortgage_Market_Enhancement_Act
American politician (born 1942)
September 25, 2019. "Illinois Pension Law Court Ruling". Retrieved September 25, 2019. "Ill. Supreme Court overturns city pension reforms". Brodkin, Jon
Mike_Madigan
Outsourcing of Investment Management responsibilities
who had worked for IBM's pension fund left the company and formed SASCO Capital. They managed a portion of the IBM pension plan but IBM also kept a large
Investment_outsourcing
President of the United States from 2001 to 2009
2008. He also praised the Iraqis' legislative achievements, including a pension law, a revised de-Baathification law, a new budget, an amnesty law, and
George_W._Bush
American businessman (1867–1940)
appointed to serve on the Illinois State Pension Laws Commission (1918–1919). In 1920, he was selected as a delegate to the Illinois constitutional convention
Rufus_C._Dawes
Illinois state legislative session from 2019 to 2021
The 101st Illinois General Assembly convened on January 9, 2019, and adjourned sine die on January 13, 2021. Over that period, it was in session for a
101st Illinois General Assembly
101st_Illinois_General_Assembly
American billionaire hedge fund manager (born 1968)
the 2008 financial crisis, for 10 months, Griffin barred his investors from withdrawing money, attracting criticism. At the crisis's peak, the firm was
Ken_Griffin
American multinational automotive company
at automakers, failure for automakers to keep wages up with inflation, pensions, as well as the introduction of a four-day workweek as opposed to the five-day
General_Motors
American politician (born 1977)
oppose pension investments in China • Columbia Missourian". Columbia Missourian. Retrieved 2025-01-11. Keller, Rudi (2023-11-20). "Missouri pension board
Vivek_Malek
President of the United States from 2009 to 2017
serve as president. Obama represented Illinois in the United States Senate from 2005 to 2008 and served as an Illinois state senator from 1997 to 2004. Born
Barack_Obama
Transit agency serving Chicagoland and surroundings
The Northern Illinois Transit Authority (NITA) is the financial and oversight body for three transit agencies in northeastern Illinois; the Chicago Transit
Northern Illinois Transit Authority
Northern_Illinois_Transit_Authority
subordinate article to the subprime mortgage crisis. It covers some of the miscellaneous effects of the crisis in more detail, to preserve the flow of the
Indirect economic effects of the subprime mortgage crisis
Indirect_economic_effects_of_the_subprime_mortgage_crisis
American financial services company
Employer Plans (MEPs), Pooled Employer Plans (PEPs), Simplified Employee Pension Plans (SEP), Savings Incentive Match Plans for Employees (SIMPLE) and IRA
Ascensus
President/CEO Federal Reserve Bank of Minneapolis
number of roles in the response to the 2008 financial crisis and the subprime mortgage crisis that preceded it, most notably administering the TARP.
Neel_Kashkari
US SEC approved credit rating agencies
Dodd-Frank Wall Street Reform and Consumer Protection Act. Many private users (pension funds, banks) of ratings data now demand that ratings be from an NRSRO
Nationally recognized statistical rating organization
Nationally_recognized_statistical_rating_organization
American convicted felon, former judge (born 1950)
begin receiving $5,156 in monthly pension benefits. However, Ciavarella agreed to a federal injunction freezing his pension benefits on or about May 27, 2009
Mark_Ciavarella
government spending and its effect on the national debt and deficit reached a crisis centered on raising the debt ceiling, leading to the passage of the Budget
2011 United States debt-ceiling crisis
2011_United_States_debt-ceiling_crisis
representing Illinois from January 3, 2005, to November 16, 2008. A member of the Democratic Party, Obama previously served three terms in the Illinois Senate
US Senate career of Barack Obama
US_Senate_career_of_Barack_Obama
Mayoral election in Illinois, US
the March primary. In his announcement Quigley stated that "Chicago is in crisis" and that it cannot tax its way out of financial trouble centering his campaign
2027_Chicago_mayoral_election
American politician (born 1972)
www.ilga.gov. "Susana A. Mendoza, Illinois Comptroller, to be Feature Speaker at the 2018 IPPFA Illinois Pension Conference". IPPFA.org. February 26
Susana_Mendoza
American subsidiary of automaker Stellantis
Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A., and the U.S. and Canadian governments as principal owners
Chrysler
US events during the subprime mortgage crisis
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble, the 2005 housing bubble burst and
Subprime crisis impact timeline
Subprime_crisis_impact_timeline
American multinational technology company
Cloud led to the accidental deletion of UniSuper's $135 billion Australian pension fund account, affecting over half a million members who were unable to
American politician (1934–2022)
2023. Hatch chaired the Senate Committee on Health, Education, Labor, and Pensions from 1981 to 1987. He served as chair of the Senate Judiciary Committee
Orrin_Hatch
Governor of Illinois from 2009 to 2015
and enable Illinois to have sufficient revenue for education, healthcare, public safety, human services, and actuarially-required pension funding for
Pat_Quinn_(politician)
Osama bin Laden 2011 debt-ceiling crisis Libya intervention Afghanistan withdrawal Benghazi attack 2013 debt-ceiling crisis Anti-ISIL campaign Iraq Syria
State visit by Barack Obama to the United Kingdom
State_visit_by_Barack_Obama_to_the_United_Kingdom
American politician
41st District, serving Naperville, Warrenville, and Bolingbrook, in the Illinois House of Representatives. She began her first term in January 2021 as a
Janet_Yang_Rohr
There were numerous reasons for the crisis, including overly optimistic forecasts of revenues, underfunding of pensions, use of capital allocations and reserves
History of New York City (1946–1977)
History_of_New_York_City_(1946–1977)
Current Federal Cabinet of the United States
during hearings held by the members of the Health, Education, Labor, and Pensions Committee, then presented to the full Senate for a vote. On November 22
Second cabinet of Donald Trump
Second_cabinet_of_Donald_Trump
U.S. presidential administration since 2025
to an unprecedented level. Bush, Daniel (July 1, 2026). "From Truman's pension to Trump's billions - a White House windfall unmatched by any president"
Second presidency of Donald Trump
Second_presidency_of_Donald_Trump
state of Illinois held an election on November 3, 1964, for all 177 members of the state's House of Representatives for the 74th Illinois General Assembly
1964 Illinois House of Representatives election
1964_Illinois_House_of_Representatives_election
American politician (born 1959)
obligations and unpaid bills contributing to Illinois' debt crisis. He later produced the Report on Illinois Debt highlighting the unsustainable debt the
Mark_Kirk
American historical drama television series
tells him that she never wanted him to leave New York. He will receive a pension and join her family. Bannister helps Jack obtain entry into a watchmakers'
The_Gilded_Age_(TV_series)
American investment company
(July 9, 2012). "BlackRock departures spur talk about Fink's future". Pensions & Investments. Archived from the original on April 15, 2019. Retrieved
BlackRock
American private equity company
real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other
Apollo_Global_Management
American politician and diplomat (born 1959)
security and pension reform, adding a casino to Chicago, and equal marriage rights for same-sex couples. At a press conference with then Illinois Governor
Rahm_Emanuel
American politician
"Andy" Manar (born November 15, 1975) is a former Democratic member of the Illinois Senate. He represented the 48th district, including part or all of Christian
Andy_Manar
American politician (born 1978)
Committees: Agriculture, Education, and Pensions. Villa currently sits on the board of directors for the Illinois Legislative Latino Caucus. In addition
Karina_Villa
President of Ecuador since 2023
Retrieved 18 October 2023. "Noboa se ahorra USD 45.016 por reducción de pensión de alimentos". Radio Pichincha (in Spanish). 12 May 2026. Retrieved 17
Daniel_Noboa
U.S. presidential administration from 1885 to 1889
Civil Service Reform Act. He also vetoed several bills designed to provide pensions and other benefits to various regions and individuals. In response to anti-competitive
First presidency of Grover Cleveland
First_presidency_of_Grover_Cleveland
2012. Partnoy also has been a consultant to many corporations, banks, pension funds, and hedge funds regarding various aspects of financial markets and
Frank_Partnoy
2025–2027 U.S. legislative term
concerns over immigration, particularly the Mexico–United States border crisis. The Senate flipped to a 53–47 Republican majority, and in their leadership
119th_United_States_Congress
American politician and school administrator (born 1953)
inciting incident for the subsequent $1 billion budget crisis, attributed largely to spiking pension payments in later years. $666 million in capital bonds
Paul_Vallas
US government agency providing deposit insurance
like "In trust for", etc.) Employee Benefit Plan accounts (deposits of a pension plan) Corporation/partnership/unincorporated association accounts Government
Federal Deposit Insurance Corporation
Federal_Deposit_Insurance_Corporation
American alternative investment company
Prudential Insurance Company, Nikko Securities and the General Motors pension fund. Blackstone also ventured into other businesses, most notably investment
Blackstone_Inc.
US healthcare company
McKesson Chairman and CEO John Hammergren's pension benefits of $159 million had set a record for "the largest pension on file for a current executive of a public
McKesson
Concept in human demographics
cultural changes if it is to have any impact on the size of the workforce: Pension reform. Many retirement policies encourage early retirement. For example
Population_decline
Financial swap agreement in case of default
such as banks, pension funds or insurance companies, may buy a CDS as a hedge for similar reasons. Pension fund example: A pension fund owns five-year
Credit_default_swap
Governor of Minnesota since 2019
unions have similarly urged the State Board of Investment to divest state pension funds from Israel. In October 2024, the Minnesota Association of Professional
Tim_Walz
Office building in Chicago, Illinois
the State of Illinois Center) is a postmodern-style office building at 100 W. Randolph Street in the Loop district of Chicago, Illinois, United States
James_R._Thompson_Center
U.S. underwriter of Israeli-issued debt securities
Israel bonds as meaningful investments. Over 90 U.S. state and municipal pension and treasury funds have invested more than $3 billion in Israel bonds to
Israel_Bonds
American politician and attorney (born 1944)
politician and attorney serving as the senior United States senator from Illinois, a seat he has held since 1997. A member of the Democratic Party, Durbin
Dick_Durbin
American hedge fund and financial services provider
2008 financial crisis, for 10 months, Griffin barred his investors from withdrawing money, attracting criticism. At the peak of the crisis, the firm was
Citadel_LLC
American steel company (1857–2009)
billion, attributable to increased foreign competition, rising labor and pensions costs, and other factors. The company filed for bankruptcy in 2001, and
Bethlehem_Steel
2021–2025 U.S. presidential administration
trifecta. Biden entered office amid the COVID-19 pandemic, an economic crisis, and increased political polarization. Day one actions of his presidency
Presidency_of_Joe_Biden
Public school system in Chicago, Illinois, US
and race. The introduction of the Illinois Resource Equalizer Formula in 1973 was intended to address this crisis by restructuring school financing to
Chicago_Public_Schools
American asset manager
reorganization sees departure of senior executive, portfolio managers, analysts". Pensions & Investments. "Landmark Designation Report" (PDF). chicago.gov. Retrieved
Nuveen
American investment management firm
co-investments from pension funds and other institutional investors, including Coca-Cola, Georgia-Pacific and United Technologies corporate pension funds, as well
KKR_&_Co.
US private Catholic health care system
Wheaton Franciscan Services (in Glendale, Wisconsin), erred by treating its pension plan as though it was a "church plan," exempt from the Employee Retirement
Ascension_(healthcare_system)
The 2004 United States Senate election in Illinois was held on November 2, 2004. Republican incumbent Peter Fitzgerald decided to retire after one term
2004 United States Senate election in Illinois
2004_United_States_Senate_election_in_Illinois
American politician (1964–2020)
budget crisis, as Blagojevich returned to Chicago rather than staying in Springfield for the remainder of the session. Sandoval was part of the Illinois Senate
Martin_Sandoval
2001 accounting scandal
shareholders received limited returns in lawsuits, and lost billions in pensions and stock prices. As a consequence of the scandal, new regulations and
Enron_scandal
First Deputy Collector of India
him a full pension of 600 Rupees in recognition of his invaluable service. He was the first Indian to receive his full salary as a pension. In retirement
Choorayi_Kanaran
American politician and educator (born 1976)
2018 to 2023, representing the 1st district. Born and raised in Elgin, Illinois, Johnson started his career as a social studies teacher in the Chicago
Brandon_Johnson
President of the United States from 1889 to 1893
exacerbated by Pension Bureau commissioner James R. Tanner's expansive interpretation of the pension laws. An investigation into the Pension Bureau by Secretary
Benjamin_Harrison
American politician and lawyer (born 1954)
Senate Committee on Finance and the Senate Health, Education, Labor, and Pensions Committee (HELP) held hearings on Kennedy's nomination. Senator Bernie
Robert_F._Kennedy_Jr.
American investment banker and financier (born 1946)
jeweler. He was raised as a Christian Scientist on a farm in Barrington, Illinois. He has Norwegian, German, and English Canadian ancestry. Paulson attained
Henry_Paulson
American retirement system
Two broad categories of private pension plans are "defined benefit pension plans" and "defined contribution pension plans". Of these two, Social Security
Social Security (United States)
Social_Security_(United_States)
American politician
financial crisis, Bomke, announced a bill which targeted William Ayers for removal from his teaching position at the University of Illinois at Chicago
Larry_Bomke
Republican National Committee was accused of bribing several NY state pension officials in exchange for investments in his own private equity fund. He
List of federal political scandals in the United States
List_of_federal_political_scandals_in_the_United_States
Byron (January 22, 2025). "Trump's perceived enemies worry about losing pensions, getting audited and paying steep legal bills". Associated Press News.
Targeting of political opponents and civil society under the second Trump administration
Targeting_of_political_opponents_and_civil_society_under_the_second_Trump_administration
American hedge fund
multi-product, multi-strategy alternative asset management firm based in Evanston, Illinois. The firm was founded in 2005 and invests in alternative credit and fixed-income
Magnetar_Capital
U.S. federal law
AAA ratings, the gold standard for debt, banks, insurance companies and pension funds wouldn't have bought the products. Bank writedowns and losses on
Credit Rating Agency Reform Act
Credit_Rating_Agency_Reform_Act
American politician (1888–1970)
Act (1935), and the Old Age Pension Act (1935). He increased education funding, and helped found the University of Illinois Institute of Labor and Industrial
Reuben_G._Soderstrom
Mayor of Chicago from 1989 to 2011
1942) is an American politician who served as the 54th mayor of Chicago, Illinois, from 1989 to 2011. Daley was elected mayor in 1989 and was reelected five
Richard_M._Daley
Location with high concentration of commerce activity
banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments)
Financial_centre
Cohort born from 1997 to 2012
president was impeached following mass unrest in response to an unpopular pension reforms and violent crime. In 2025, Bulgaria became the first European
Generation_Z
Financial product
companies, unit trusts, investment trusts, commercial banks, investment banks, pension fund managers, private banking organizations, other CDOs and structured
Collateralized debt obligation
Collateralized_debt_obligation
travel, tourism, insurance
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
Surname or Lastname
English
English : of uncertain etymology. From the 16th to the 19th century, the English vocabulary word ensign denoted a junior rank of infantry officer, which may be the source of the surname.James Ensign (known as ‘the Puritan’) was born in Chilham, Kent, England, in 1606 and came to Hartford, CT, before 1644.
Boy/Male
British, English
Ben's Son; Surname
Surname or Lastname
English
English : variant of Tennyson.
Surname or Lastname
English
English : patronymic from the medieval personal name Benne, a pet form of Benedict (see Benn).English : habitational name from a place in Oxfordshire named Benson, from Old English Benesingtūn ‘settlement (Old English tūn) associated with Benesa’, a personal name of obscure origin, perhaps a derivative of Bana meaning ‘slayer’.Jewish (Ashkenazic) : patronymic composed of a pet form of the personal name Beniamin (see Bien, Benjamin) + German Sohn ‘son’.Scandinavian : altered form of such names as Bengtsson, Bendtsen, patronymics from Bengt, Bendt, etc., Scandinavian forms of Benedict.
Surname or Lastname
English
English : patronymic from the personal name Dennis.Possibly an Americanized form of cognates in other languages, for example Russian Denisov, from Denis, or Ukrainian Denysevich, from Denys.
Female
Welsh
Welsh name LLINOS means "greenfinch (bird)."
Surname or Lastname
English
English : habitational name from Penton Mewsey, Hampshire, which is named with Old English pening ‘penny’ + tūn ‘farmstead’, ‘settlement’, i.e. a farmstead paying a penny rent.
Female
Persian/Iranian
Variant spelling of Persian Shahrazad, SHAHRIZAD means "city-person."
Boy/Male
English
Dennis' son.
Surname or Lastname
English
English : variant of Sessions.
Male
Finnish
Finnish name derived from the word ensi, ENSIO means "first."
Surname or Lastname
English and French
English and French : from Old French pinson ‘finch’, perhaps a nickname applied to a bright and cheerful person.English and French : metonymic occupational name for someone who made pincers or forceps or who used them in their work, from Old French pinson ‘pincers’ (a derivative of pincier ‘to pinch’).
Surname or Lastname
English
English : patronymic from Penn 3 or Paine 1.English : habitational name from Penson in Devon.
Male
English
English surname transferred to forename use, BENSON means "son of Ben."
Surname or Lastname
English (Yorkshire)
English (Yorkshire) : habitational name from Penistone near Sheffield, South Yorkshire. The second element of the place name is Old English tūn ‘enclosure’, ‘settlement’; the first is uncertain; it may be Penning, an Old English combination of Celtic penn ‘hill’ + Old English -ing ‘place characterized by or belonging to’.
Boy/Male
British, English, Indian, Tamil
Master; Dennis' Son
Boy/Male
Australian, Hebrew
Son of Zion
Surname or Lastname
English
English : patronymic from the medieval personal name Jan (see Jayne).
Female
Persian/Iranian
Variant spelling of Persian Shahrazad, SHEHERAZADE means "city-person."
Surname or Lastname
English
English : variant spelling of Bennison.Jewish (Ashkenazic) : variant of Benenson.
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
ILLINOIS PENSION-CRISIS
travel, tourism, insurance