On the long list of things wrong with Illinois’ pension system, there’s one problem that can’t be ignored: Tier 2 pension benefits are increasingly likely to fall short of minimums under federal rules. If that happens, the sponsoring unit of government would face huge, new liabilities. Those facts have long been widely agreed.
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WBGZ Radio 1/22/2021 |
By Kevin Bessler - Illinois Radio Network
The Illinois Board of Higher Education has approved a $2.1 billion budget request at a time when the state faces a multi-billion dollar budget gap.
The 2022 fiscal year budget proposal would reflect a 4.5 percent increase for general funds, excluding the State University Retirement System. The board said it aims to close equity gaps in higher education outcomes.
“This budget recommendation reflects a down payment on the strategic plan, which will focus on equity, affordability and attainment,” IBHE Chairman John Atkinson said.
IBHE Executive Director Ginger Ostro said the investment will help revive the state’s economy, which has been ravaged by the pandemic.