Illinois State Pension Plans Face Funding Crisis
Created on December 22, 2015
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Read the original report, "Illinois Pension Reform: Three Wrongs Do Not Make a Right," by Joel Griffith and Andrew Kloster.
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The five state-funded retirement pension plans in Illinois have a combined unfunded liability of $105 billion. For a family of four in the state, this is a potential tax burden of $32,000.
Source: Richard Rockwood, “State Retirement Systems Overview,” Illinois Commission on Government Forecasting and Accountability, November 2014, p. 3, http://cgfa.ilga.gov/Upload/1114%20SPECIAL%20PENSION%20BRIEFING.pdf (accessed July 28, 2015).
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Tags: Illinois, Pension-Reform, Pension-Protection-Clause