Category Archives: Illinois
A Fitch Ratings report released in December illuminated the growing pension burden facing Prairie state pensioners. Illinois’s net pension liabilities totaled $151.5 billion at the end of the 2016 year. This cost is increasing year-over-year and elected officials continue allowing the burden to grow rather than deal with the problem.
If it was not noticeable before, the Fitch Rating report shows Illinois cannot afford to ignore the problem any longer. The total liabilities equate to 22.8% of residents’ personal income. … Read More
Pensions across the country are habitually underfunded. Recent reports released from the Center for State and Local Government Excellence show that state and local pension plans are only about 74% funded and have unfunded liabilities of about $1.4 trillion. They also found that 20% of pensions are under 60% funded. This is appalling when it is put into context that not only are the pensioners going without, but the extra costs falls on tax payers around the country.
Costs are … Read More