Progress Illinois

If Illinois lawmakers do not address the state’s growing pension crisis, essential investments in education, health care, and human services will continue to be cut, according to a recent report (PDF) from the Fiscal Policy Center at Voices For Illinois Children.

“All Illinois residents—including the youngest among us — are paying the price for Illinois’ decades-long failure to make adequate contributions to the state-funded pension plans,” the report, titled “Pension Funding Crisis Worsens” (PDF) reads. “The General Assembly is well aware of the harmful effects of rising pension costs on the rest of the budget. However, progress toward a solution has stalled — making the situation worse.”

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As the state’s pension debt grows, 22 Illinois state legislators have decided not to accept state-subsidized retirement benefits.

With $97 billion in unfunded liabilities — more than $20,000 for every household in the state — Illinois’ five pension funds serving teachers, state employees, university employees, judges, and legislators, are in desperate shape. Attributed to inadequate contributions by the government, the pension systems are only 39 percent funded, when 80 percent is considered healthy.

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