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