Illinois Republican Party

Illinois' pension woes continue to deepen
6/18/2012

By Greg Hinz - Crain's Chicago Business

Illinois' pension hole is getting deeper, with the state lagging further than ever behind the rest of the country in saving what's needed to pay benefits promised to government retirees.

A new report being issued today — see the bottom of this post — from the Pew Center on the States says that Illinois once again ranks 50th of the 50 states in assets relative to liabilities.

But while Illinois' absolute position did not worsen — a mathematical impossibility — its relative position did, as the shortfall in terms of dollars here worsened faster than it did on average in other, better-positioned states.

The new report is likely to put increased pressure on Gov. Pat Quinn and the Legislature to come up with a pension fix — lawmakers adjourned for the summer without taking action — and the Pew report pulls no punches on how badly a fix is needed.

Click here to go to Crain's Chicago Business to read full story

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