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Sunday, November 24, 2024

Public pension contributions in Illinois hit $25.6 million mark in 2022

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Governor JB Pritzker Illinois | Office of the Governor JB Pritzker

Governor JB Pritzker Illinois | Office of the Governor JB Pritzker

In 2022, Illinois had received $25.6 million in contributions to its public pension funds, according to data obtained from the U.S. Census Bureau's Annual Survey of Public Pensions.

Of that amount, $22 million was in state pension funds, and the remaining $3.5 million was in local government pension funds.

The survey includes public pensions sponsored by local and state government entities with employees who are compensated with public funds. The local governments include counties, townships, school districts and special districts.

The data gathered includes revenues, expenditures, financial assets, membership and liabilities information.

It's worth noting that residents in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are not subject to state income taxes.

The Census Bureau cautions that not all respondents answer all survey questions. Thus, some fields were left blank.

Illinois reported data from 24 pension systems, including eight state-level pension funds and 16 local-level systems. The total number of pension system members was 1,639,072 (1,291,256 at the state level and 347,816 at the local level).

Contributions to Illinois' public pension funds
LocalStateLocal & State
Employee contributions$713,161$2,137,787$2,850,947
Government contributions$2,834,168$19,883,000$22,717,168
Total Contributions$3,547,329$22,020,786$25,568,115
Source: US Census Bureau

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