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Report: Illinois pension system among the nation’s worst-funded

Kevin HoffmanReboot Illinois

Apr 07, 2017

With unfunded liabilities at nearly $130 billion — or $141 billion if going by new accounting standards — Illinois’ pension picture isn’t pretty.

For decades, elected officials have neglected the distending deficit by skipping pension payments. Now, once again, they’re faced with the difficult task of reforming the five public-funded retirement systems in a way that can pass constitutional muster after the Illinois Supreme Court struck down the pension reform law of 2013.

Pension funding requirements eat up 25 percent of the state budget, something Illinois hasn’t had in two years. And half of state funding for higher education…

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