Thursday, February 20, 2014

How Big is Illinois' Pension Problem?

"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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