Illinois Comptroller Susana Mendoza’s early pension payment and Governor J.B. Pritzker’s extended funding plan aim to improve the state’s troubled pension system and address its growing debt.
Illinois Comptroller’s Early Pension Payment and Governor’s Extended Funding Plan Aim to Fix State’s Pension System
According to the report of The Center Square, Illinois Comptroller Susana Mendoza has taken a big step to improve the state’s troubled pension system by making the first early payment under a new law. This new law allows Illinois Comptroller Mendoza to pay into the pension funds earlier in the year, which helps keep the money invested for longer and could earn an extra $7 million. The move aims to address the state’s pension debt, which increased by about $2.5 billion last year.
Governor J.B. Pritzker‘s budget plan for 2025 includes extending the funding plan by three years to help Illinois reach full pension funding like other states. This plan builds on a long-term strategy from 1994 to get the pension funds 90% funded by 2045. Recent changes, including a law to combine local police and firefighter pension systems, are also expected to improve the pension system by increasing investment power and cutting costs.
READ ALSO: Up To $1300: Salt Lake City, St. Louis Park, And Portland Offer E-Bike Rebates For Eco-Friendly Transportation
$422 Million Prepayment: Illinois Comptroller’s Proactive Move to Boost Pension Fund Returns – Enhancing Financial Stability! (PHOTO: Colorado Springs Gazette)
Mendoza Praises Support for Pension Reforms – Hopes Recent Actions Will Improve Illinois‘ Financial Health
Illinois Comptroller Mendoza is pleased with the support from the General Assembly and the Governor for these changes. She highlighted her office’s ongoing efforts to find creative ways to benefit Illinois taxpayers. The recent actions are seen as a positive step toward solving Illinois’ pension problems and improving the state’s financial situation.
READ ALSO: $100 Off: Alabama’s Tax-Free Weekend Kicks Off – Save Big On School Supplies And Clothes!
