Illinois Policy Institute Study Shows Pensions Problem Bigger Than You Think
A new study from the Illinois Policy Institute shows just how out of control retirement benefits are on the state and local level. The study says the $83 billion owed to retirees is actually $203 billion when state and local debt is combined. Kristina Rasmussen of the Institute says we have to face the full situation head on or else risk fixing nothing by tinkering at the margins with just state reform…
Rasmussen says Decatur’s share for retirement benefits comes in at $9 million in unfunded liabilities, or about $3,000 per household. At the Macon County level, the pensions underfunding is $20 million, which translates to $450 per household. Factor in the state, and Decatur families face over $35,000 in retirement debt.
