Illinois Pension Payment, Pension Debt Both Jump
July 7, 2020 12:12PM CDT
Illinois‘ pension problems are getting worse. A new report from the state legislature says Illinois‘ pension payment will jump by half-a-billion dollars this year. But despite the nine-point-seven billion-dollars being spent on retirements, Illinois‘ pension debt will grow. The report says Illinois‘ unfunded pension liability will jump from 133 billion-dollars last year to 137-billion this year. The report also says Illinois has only about 40-percent of the money promised for pensions for state workers, teachers, judges, lawmakers, and university workers.