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.
Excerpts:
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.
The day is coming where a lot of IOUs will replace those giant pension checks.
Mr. Pritzker,
Is it time for you to legalize and tax crack cocaine?
Maybe pass a law requiring a 10% portion of everyone’s income go to purchasing lottery tickets?
You’re welcome.
IF ole JB gave even 10% of the money HE spends at buffets to the pension fund, they’d be in arrears!
Sorry, but he’s about the biggest SLOB looking governor the state of Illinois has EVER seen!
To anyone taking a state job anytime soon, there is a pension option that resembles a 401k that can be elected when you start. Take it, as that option has actual accounts in your name. It’s much easier to defund the pensions and reduce future benefits than it is to blatantly cut the balance of an account that has your name on it.