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Illinois' next pension crisis: Police, firefighter pensions

Apr 29, 2014

In the aftermath of teacher pension reform, recently approved by the Illinois General Assembly with considerable reluctance, discussion of Public Safety Pension reform is the latest topic of conversation.

Public Safety Pensions for police and firemen differ greatly from the teacher pensions in two important ways.  First, the benefits (and thus the costs) of police and fire pensions are much higher than teacher pensions for the typical retiree.  Second, whereas teacher pension benefits are determined by the State and paid for by the State, police and fire pension benefits are determined by the State, but paid…

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