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New law allows Comptroller Mendoza to pay more into state pensions earlier in the year when fund balances are strong.
The 2025 budget implementation bill allows the Illinois Comptroller to make payments to the five state sponsored pension systems that are greater than 1/12 of the required annual State contribution in a month. This will allow the Comptroller to front load the pension payments when the Comptroller has additional cash on hand in a month.
Additional Pension Funding |
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The Federal government has announced the Cost-of-Living Increases for the year 2025.
Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans will increase 2.5 percent in 2025.
Social Security COLA
The standard monthly premium for Medicare 'Part B' will rise to $185 for 2025, an increase of $10.30. This is a 5.9 percent rise from 2024 premiums. The Centers for Medicare & Medicaid Services (CMS) also announced the 2025 deductibles, and coinsurance amounts for the Medicare Part A and Part B programs.
Medicare COLA |
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