Illinois’ unfunded pension liability now up to $111 billion
A state legislative report says Illinois’ unfunded pension liability is $111 billion.
The General Assembly’s Commission on Government Forecasting and Accountability listed the figure in a Thursday report. It covers five pension systems for the fiscal year that ended June 30.
The report comes as legislative leaders and Gov. Bruce Rauner have agreed to take another look at overhauling pensions. The Illinois Supreme Court rejected a previous plan lawmakers said would save the state billions in contributions.
The leaders met earlier this week as Illinois continues without a budget for the fiscal year that began in July. The group has agreed to meet again next week.
The (Springfield) State Journal Register reports the state pension contribution will increase by $291 million in the fiscal year that begins July 1.