State-sponsored pensions in Illinois will be allowed to enroll new hires in hybrid 401(k) plans, a provision of that state’s recently passed budget designed to give some relief to the state’s worst funded pension plans.
Five of the 17 pensions sponsored by the state—the State Universities Retirement System, Downstate Municipal/Suburban Fund for teachers, the State Employees System, and the Judges/Legislators pension—have an aggregate funded ratio of 40 percent and about $130 billion in unfunded liabilities.
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