Report: Illinois' Unfunded Pension Liability Is Now At $111 Billion
By Kate Shepherd in News on Dec 11, 2015 8:20PM
A new legislative report says that the state's unfunded pension liability is up to a staggering $111 billion.
The report from the state legislature's Commission on Government Forecasting and Accountability covers five pension systems for the previous fiscal year, according to the AP.
Pension issues have been causing the state misery for a long time. The state Supreme Court already rejected a plan that lawmakers hoped would save the state billions in contributions.
Even though the state government has been operating without a budget since July 1, Gov. Bruce Rauner and legislative leaders have finally agreed on something: to take another look at overhauling pensions during a meeting next week.
The pension responsibility won't go away: the contribution will increase by $291 million in the fiscal year that begins on July 1, according to the Springfield State Journal-Register.