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The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion. That’s $1.5 billion higher than last year and the second highest ...
Illinois public pension debt grows Illinois’ pension situation is getting worse. The Commission on Government Forecasting and Accountability reports the total unfunded liability is 46% with a ...
Illinois has the second highest unfunded pension ratio, after New Jersey. Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap. [2] Illinois' pension obligations are made up of five pension plans for public sector employees.
“In aggregate, states had $924 billion in Fitch-adjusted [net pension liabilities] as of state fiscal 2023 audits,” the report said. ... The report found Illinois’ unfunded pension liability ...
Behind only Connecticut, Fitch pegs Illinois’ unfunded pension liability and other post employment benefits at $206.5 billion, taking up 22.8% of the state’s personal income. Tool company to ...
The size of unfunded liabilities relative to the size of a state's GPD, provides a sense of the scale of resources that are needed to restore retirement systems to full funding. By this metric, Illinois, Kentucky and New Jersey are the states most economically burdened by their unfunded liabilities.
Illinois, Kentucky, New Jersey are significantly burdened by the funding shortfalls facing their retirement systems. Nebraska, Utah, New York and Idaho’s unfunded liabilities are equivalent to less than 1% of their respective GDPs, meaning their pension funds are well-managed and do not significantly tax their economic resources.
At the end of fiscal 2022, Illinois had $139.8 billion in public pension liabilities, New Jersey had $75.1 billion. Illinois is one of ten states that account for nearly 85% of the total employee ...