The state is $111 billion behind in liabilities toward its five public employee pension funds, according to a new report from the General Assembly's Commission on Government Forecasting and Accountability.
The report, released Thursday, also says the state's required pension payment for FY 2017 will be $7.9 billion, up $291 million from FY 2016. That is less than the $681 million pension contribution increase that the state faced this fiscal year.
Amid the state budget impasse, Gov. Bruce Rauner and state legislative leaders have agreed to collaborate on crafting a new pension reform proposal, after the Illinois Supreme Court struck down the state's 2013 pension overhaul in May.