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Tim Blair - Pension Crisis in Illinois

Tim Blair, the Executive Director of the State Retirement System, reviews the function of the State Retirement System and the three pension systems it manages: state employees, judges, and the General Assembly. He reviews the impact of pension holidays, pension enhancements, state employee pension funding, actuarial projections, and investment income on current pension funds. Blair also reviews some of the major changes that have impacted the state's pension system over the last two decades, including COLA compounding, the Rule of 85, the Formula Change of 1998 and the Tier 2 change of 2011.