{"id":67,"date":"2022-06-21T04:48:22","date_gmt":"2022-06-21T04:48:22","guid":{"rendered":"https:\/\/stand.org\/illinois\/?page_id=67"},"modified":"2024-09-24T19:56:27","modified_gmt":"2024-09-24T19:56:27","slug":"equitable-pension-funding","status":"publish","type":"page","link":"https:\/\/stand.org\/illinois\/equitable-pension-funding\/","title":{"rendered":"Equitable Pension Funding"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-background-color has-white-color has-standart-blue-background-color has-text-color has-background has-link-color wp-elements-2c83a91c24bee2b3f6a1a5c106be1264 is-layout-constrained wp-container-core-group-is-layout-3d6f125d wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-group alignwide illinois-nav is-content-justification-space-between 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href=\"https:\/\/stand.org\/illinois\/ways-to-give\/\"><strong>Donate<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div  class=\"wp-block-ultimate-post-heading ultp-block-eff8fe\"><div class=\"ultp-block-wrapper\"><div class=\"ultp-heading-wrap ultp-heading-style15 ultp-heading-left\"><h1 class=\"ultp-heading-inner\"><span>Equitable Pension Funding<\/span><\/h1><\/div><\/div><\/div>\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div  class=\"wp-block-ultimate-post-heading ultp-block-e653a5\"><div class=\"ultp-block-wrapper\"><div class=\"ultp-heading-wrap ultp-heading-style7 ultp-heading-left\"><h1 class=\"ultp-heading-inner\"><span>About Pension Funding<\/span><\/h1><\/div><\/div><\/div>\n\n\n<p><a href=\"https:\/\/stand.org\/illinois\/equitable-funding\/\">Evidence-based funding&nbsp;(EBF)<\/a> is transforming Illinois schools, but tremendous funding inequities still exist and the model falls nearly $7 billion short of full funding. The EBF law set a minimum goal of increasing the investment by $350 million each year. The legislature has come up with this payment except in FY19, but even at the rate of $350 million per year, reaching adequacy will elude Illinois for decades.<\/p>\n\n\n\n<p>Finding those increases will be increasingly difficult as the contributions to state pension systems grow each year and come out of the budget off the top, regardless of whether the legislature even appropriates money for them. They need it. This is funding for pensions that are owed to our teachers for the vital services they have provided. But there is a disconnect \u2013 school districts hire their staff and set their salaries; they send their pension bill to the State to pay to the tab. Whether a school district is better off with greater local property wealth and higher teacher salaries \u2013 or less well-off and trying to stay afloat \u2013 the State pays the overwhelming majority of their teachers\u2019 pension costs. This creates a startling equity gap: districts funded over 100% of adequacy&nbsp;<strong>receive $357 more per student<\/strong>&nbsp;than districts funded below 80% of adequacy.<\/p>\n\n\n\n<p>Stand proposes a solution to dismantle the inequity of education pension funding called the Equity Boost. The Equity Boost builds upon EBF and provides stability for school districts that have been fearing a sudden pension cost shift.<\/p>\n\n\n\n<p>The Equity Boost brings together two disparate systems \u2013 EBF and teacher pension funding \u2013 to maximize the formula\u2019s potential to close equity gaps. It protects teacher pensions and directs more State dollars to the neediest districts. The proposal is cost neutral to Illinois in the short term, while saving $300 million in State funding in the long term by reducing the gap to full education funding.<\/p>\n\n\n\n<p>We must keep the progress going and accelerate Illinois\u2019 path to fully funding schools.<\/p>\n\n\n\n<p>Learn more about the Equity Boost in Stand\u2019s report, \u201cAccelerating Equity: Integrating Teacher Pension Funding into Fair School Funding.\u201d<\/p>\n\n\n\n<center><iframe loading=\"lazy\" src=\"https:\/\/cdn.flipsnack.com\/widget\/v2\/widget.html?hash=fvt8oafnv\" width=\"100%\" height=\"480\" seamless=\"seamless\" scrolling=\"no\" frameborder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-read; clipboard-write\"><\/iframe><\/center>\n\n\n\n<p><a href=\"http:\/\/stand.org\/illinois\/wp-content\/uploads\/sites\/4\/2022\/06\/EquityBoost_FINAL.pdf\">Download the full report here<\/a><\/p>\n\n\n\n<p><a href=\"http:\/\/stand.org\/illinois\/wp-content\/uploads\/sites\/4\/2022\/06\/EquityBoost_FactSheet_03-2021.pdf\">Download the fact sheet here<\/a><\/p>\n\n\n\n<p><a href=\"http:\/\/stand.org\/illinois\/wp-content\/uploads\/sites\/4\/2022\/06\/EquityBoostMethodology.pdf\">Download the Equity Boost Methodology here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Evidence-based funding&nbsp;(EBF) is transforming Illinois schools, but tremendous funding inequities still exist and the model falls nearly $7 billion short of full funding. The EBF law set a minimum goal of increasing the investment by $350 million each year. The legislature has come up with this payment except in FY19, but even at the rate [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_hide_page_title":true,"color_schema":"","footnotes":""},"class_list":["post-67","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Equitable Pension Funding - Stand for Children Illinois<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stand.org\/illinois\/equitable-pension-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equitable Pension Funding\" \/>\n<meta property=\"og:description\" content=\"Evidence-based funding&nbsp;(EBF) is transforming Illinois schools, but tremendous funding inequities still exist and the model falls nearly $7 billion short of full funding. 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The legislature has come up with this payment except in FY19, but even at the rate [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/stand.org\/illinois\/equitable-pension-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"Stand for Children Illinois\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/standillinois\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-24T19:56:27+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@illinoisstand\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/equitable-pension-funding\\\/\",\"url\":\"https:\\\/\\\/stand.org\\\/illinois\\\/equitable-pension-funding\\\/\",\"name\":\"Equitable Pension Funding - Stand for Children Illinois\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#website\"},\"datePublished\":\"2022-06-21T04:48:22+00:00\",\"dateModified\":\"2024-09-24T19:56:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/equitable-pension-funding\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/stand.org\\\/illinois\\\/equitable-pension-funding\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/equitable-pension-funding\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/stand.org\\\/illinois\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Equitable Pension Funding\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#website\",\"url\":\"https:\\\/\\\/stand.org\\\/illinois\\\/\",\"name\":\"Stand for Children Illinois\",\"description\":\"Just another Stand for Children site\",\"publisher\":{\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/stand.org\\\/illinois\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#organization\",\"name\":\"Stand for Children\",\"url\":\"https:\\\/\\\/stand.org\\\/illinois\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/stand.org\\\/illinois\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2023\\\/12\\\/Stand-for-Children-Logo.png\",\"contentUrl\":\"https:\\\/\\\/stand.org\\\/illinois\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2023\\\/12\\\/Stand-for-Children-Logo.png\",\"width\":278,\"height\":104,\"caption\":\"Stand for Children\"},\"image\":{\"@id\":\"https:\\\/\\\/stand.org\\\/illinois\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/standillinois\\\/\",\"https:\\\/\\\/x.com\\\/illinoisstand\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Equitable Pension Funding - Stand for Children Illinois","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/stand.org\/illinois\/equitable-pension-funding\/","og_locale":"en_US","og_type":"article","og_title":"Equitable Pension Funding","og_description":"Evidence-based funding&nbsp;(EBF) is transforming Illinois schools, but tremendous funding inequities still exist and the model falls nearly $7 billion short of full funding. The EBF law set a minimum goal of increasing the investment by $350 million each year. 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