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"The controversial changes to Illinois’ public
pension systems enacted in December came after years of fierce debate. And one
of the key points of contention among academics and fund leaders was
this
fundamental question: Exactly how bad is the pension shortfall?
The number kicked around by politicians and reporters is
usually around $100 billion, based one estimate from the state’s five retirement systems.
That is what is known as the state’s 'unfunded
liability'—a fancy way of saying the amount Illinois will owe state workers in
future retirement benefits but will not be able to pay if the systems’ finances
do not change." READ MORE
Title: "Illinois' pension problem: How big is it,
really?"
Author: Alex Keefe
Source: WBEZ91.5
Date Published: February 7, 2014
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