Illinois ranks 50th among the states in setting aside the tens of billions of dollars needed to pay its employee pensions.
That's the mortifying but believable word in a major new study that, if anything, understates just how big of a hole the state and its taxpayers are in when it comes to financing the cost of state employee retirement.
The report by the Pew Center on the States, a Washington research group, concludes that Illinois has set aside barely half — 54%, to be exact — of the amount it will need to pay benefits in its five worker pension funds, leaving an unfunded liability of $54.4 billion.
Thursday, February 18, 2010
Illinois ranks dead last for State pension funding
Posted by Ben Cunningham at 3:15 PM