1941-1947 | Four New Illinois Public Employee Pension Systems Created

Four new Illinois public employee pension systems are created (SURS, SERS, JRS, GARS). A year later, under Gov. Dwight Green, the Illinois pension system first experiences problems. Green is incapable of fixing it, as are Governors Stevenson, Stratton, Kerner, Shapiro, Ogilvie, Walker, Thompson and Edgar. Reckless moves by Governors Ryan and Blagojevich make it worse.

1939 | First Statewide Pension System Created in Illinois

The first statewide pension system in Illinois is created. (One teacher remarks, “Finally, something besides this wormy apple!”) The Teachers Retirement System (TRS) grows to 386,837 members and $38 billion in assets.

1916 | Private and Public Sector Employers Lure Able Workers by Offering Pensions

Due to a World War I wage freeze, private and public sector employers lure able workers by offering pensions. The battle cry: “Making the world safe for COLAs!”

1915 | First Pension in Illinois Provided to Teachers

The first pension in Illinois is provided to teachers during the Administration of Gov. Ed Dunne (best known for touting referendum, abolition of the death penalty and women’s rights).

1857 | New York City Mayor Fernando Wood Creates Pension Plan for Police Officers

After a police riot, New York City Mayor Fernando Wood hastily creates a pension plan for police officers, the first non-military pension in the U.S. “Ignore our Finest? Fuhgeddaboudit,” Wood may have said.

1775 | Continental Congress Authorizes Pensions for Naval Forces

The Continental Congress authorizes pensions for naval forces, the first military pension in the Western Hemisphere. Heroic swabbies know their ship will come in the first of every month.

1645 | Duke Ernest the Pious Authorizes Pension Payments

The aptly-named Duke Ernest the Pious authorizes pension payments to clergymen’s widows. Men-of-the-cloth suddenly find it easier to get dates.

5 AD |

Augustus defies Senate critics and the Coliseum in-crowd with a proposal to extend pension eligibility to 20 years of Legion service. He saves Rome’s pension system and soon has a month named for him.

3 AD |

After decades of wars from Africa to the Alps, the world’s first pension system is almost broke. The Appian Way has potholes; thirsty Romans demand more aqueducts. Augustus – now dipping into his private treasury to pay the veterans – feels the world’s first “pension squeeze”.

13 BC |

Emperor Augustus Caesar creates the world’s first pension plan for soldiers in the Roman Legion with 16 years of service.