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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