Illinois Budget Mess Spurs Biggest Pension Fund Withdrawal Ever
- State employees' retirement system asks for $100m from fund
- November payment from state delayed as retirees still get paid
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Illinois’s decision to delay payments to its pension fund because of a prolonged budget impasse is starting to have real consequences.
The State Employees’ Retirement System on Wednesday asked the Illinois State Board of Investment for $100 million on Nov. 10, and another $125 million on Dec. 10 to pay for retiree benefits in the next two months, according to Tim Blair, the system’s executive secretary. The request for cash from the investment board is the largest in the system’s history.