By: Diane Benjamin
Illinois is 49th in pension funding as of 2019. Only New Jersey is worse: https://tinyurl.com/Tax-Foundation-Source
It is likely 2020 didn’t change these stats, local pensions aren’t included.
Low funding levels are challenging not only because of the large contributions required to make up the debt, but also because they generate less in investment earnings.
As pandemic assistance funds cannot be used to cover floundering pension plans, states will need to make wise decisions to address funding issues.
FYI: Illinois is doing nothing to fix this looming disaster. They will require feminine hygiene products in the boys bathrooms though.