LEGISLATORS UNDER FUND THE PENSION SYSTEMS AGAIN PLUS THEY THOUGHT WE WOULD BE DEAD BY NOW
The pension programs for Illinois employees, state university workers, judges, legislators and educators outside Chicago fell $3.8 billion further in debt.
According to a report from the state legislature’s Commission on Government Forecasting and Accountability:
The unfunded liability grew to $137.3 billion during FY 2019, largely due to the continued actuarially insufficient State contributions and lower-than-expected investment returns. Actuarial gains from SERS members who elected to participate in the pension buyout plans and net actuarial gains reported by two systems, SERS and GARS, helped offset the cumulative actuarial loss of the five Systems combined.
The debt is about $500 million more than the commission estimated in April.
Illinois legislators have routinely ignored the funding targets.
While I support the constitutional change to a fair tax system, based on their past CONTINUE READING: Legislators under fund the pension systems again plus they thought we would be dead by now. – Fred Klonsky
