Perfect storm for Illinois pension disaster

Matt DietrichReboot Illinois

Sep 13, 2013
362 views

As the Illinois pension disaster continues to swallow up  the state budget and make headlines, Illinoisans have been left wondering, “How did it come to this?”

In 2000, Illinois’ pension systems stood as healthy as they’d been in 30 years, with a funded ratio of 75 percent and less than $16 billion in unfunded pension liabilities.

Thirteen years later, pension debt has increased six-fold and Illinois’ retirement systems are in a state of disrepair unmatched elsewhere.

We explain step-by-step how two recessions and a decade of systemic underfunding and over-borrowing by state government conspired to put Illinois in the path of a perfect storm of financial disaster. Check out our timeline and then join us in demanding a solution.

Illinois pension disaster storm

NEXT ARTICLE: Here is the Illinois Supreme Court Pension Reform Decision

RECOMMENDED:

Related: Improve tax fairness: Reform the Illinois income tax
Apr 28, 2014

When adding up the effect of all state and local taxes, Illinois asks middle- and low-income households to pay a percentage of their income that is two to three times…

share to facebook share to twitter comment
 
Comments
Be the first to respond to this quote.
Add a Comment commt
Loading...