Illinois state pension debt climbs to $144B

Dec 16, 2024 · Statewide pension debt has grown to $143.7 billion from $142.2 billion in the past year, according to a new report from the state legislature’s Commission on Government Forecasting and ...

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Illinois State Pension Debt Climbs To $144B

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illinoispolicy.org

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From IPI: Illinois State Pension Debt Climbs To $144B

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Dec 18, 2024 · Illinois makes some of the largest pension contributions of any state to fund its systems. According to Wirepoints research, the annual average growth rate of Illinois pension …

ibjonline.com

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Illinois State Pension Debt Climbs To $144B – Illinois Policy

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Dec 16, 2024 · Ted joined LaDonna Raeh of WVON to talk about the state’s $172 billion in official pension debts, the problem with having two classes of workers in Illinois, the need to move …

wirepoints.org

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Illinois News Headlines For Dec 16 | Illinois Policy

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Dec 16, 2024 · Illinois state pension debt climbs to $144B. By LyLena Estabine. 12/16/2024. Chicago Office | Illinois Policy 300 S. Riverside Plaza | 1650 | Chicago, IL 60606 t …

illinoispolicy.org

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The Burden Of Pension Debt - Illinois Policy

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Service looked at Illinois’ pension debt using more real-world assumptions, it calculated the state owes $313 billion in pension debt. Pick a number, but either one will be mostly borne by future …

illinoispolicy.org

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Illinois’ Pension Debt Grows | Nerd Wallet | Dailygazette.com

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Dec 12, 2024 · The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion. That’s $1.5 billion higher than last year and the …

dailygazette.com

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From IPI: Illinois State Pension Debt Climbs To $144B

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Illinois’ unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than …

newsbreak.com

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The Policy Shop: The Connection Between Illinois’ Pension And ...

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May 3, 2023 · The crisis. Since 2000, pension spending is up 584% in our state, while total spending grew by 21% and many vital services to the state’s most vulnerable were cut by 20%.

illinoispolicy.org

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Illinois Pension Debts Hit $144 Billion In 2024, Make A Mockery Of ...

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Dec 16, 2024 · That’s $30 billion that, for now, goes unreported by the state. And it’s not just the debt itself. As the Fitch data shows, Illinois is the nation’s extreme outlier when it comes to …

wirepoints.org

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Illinois Pensions Face Near-record $144B Funding Hole — But Show …

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Dec 11, 2024 · Vallas said that, even if the state is near a point of treading water, Illinois’ pension debt still is much higher than that in surrounding states and diverts money that is needed for …

chicagobusiness.com

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Illinois State Pension Debt Climbs To $144B – Illinois Policy

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More state employees retired, more lived longer and they retired at higher-than-expected salaries to keep the debt growing. Illinois state pension debt climbs to $144B – Illinois Policy

newsbreak.com

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ILLINOIS PUBLIC PENSION DEBT GROWS TO $140B

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Dec 16, 2022 · That is up $9.8 billion from 2021, when state pensions were benefitting from healthy investment returns. After markets cooled substantially, state pension debt in the fiscal …

actuarial.news

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Update: Addressing Illinois’ Pension Debt Crisis With …

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Oct 16, 2019 · CTBA proposes resolving the pension debt crisis by reamortizing our payment schedule, creating a sustainable, level-dollar plan that saves the state $45 billion and gets the …

ctbaonline.org

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How Illinois Can Start Solving Its Pension Debt Crisis

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Sep 17, 2023 · State contributions climb, year by year, from more than $10 ... This left today’s taxpayers facing fast-rising costs that still don’t eliminate the state’s pension debt. Then-Illinois …

illinoisanswers.org

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Illinois House Adds Pension Panel With Budget Shortfalls Growing

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1 day ago · Last year, Pritzker also proposed fully funding the state’s pensions by 2048, which would reach beyond the current state mandate of 90% funding by 2045.

yahoo.com

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Illinois House Adds Pension Panel With Budget Shortfalls Growing

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1 day ago · Illinois House Speaker Chris Welch wants to vet the state’s underfunded pensions through a budgetary lens as the legislature looks to close a potentially $3 billion deficit for the …

bloomberg.com

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Illinois House Sets Up Pension Panel As Budget Shortfalls Loom

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1 day ago · The state’s five underfunded pensions are among the biggest weights on its finances annually. Pension contributions, to meet a mandate of 90% funding by 2045, take up roughly a …

chicagobusiness.com

FAQs about Illinois state pension debt climbs to $144B Coupon?

Are Illinoisans on the hook for billions more in pension debt?

Illinois lawmakers continue to ignore pension reform so, not surprisingly, Illinoisans are on the hook for billions more in pension debts. ...

Why did Illinois increase its Pensions in 2045?

One of the biggest factors behind that increase: pensions, of course. A state law obligates Illinois to increase pension contributions by stairstep amounts each year — climbing from $6.9 billion in 2015 to $18.2 billion in 2045. And even after all that, the system still would be only 90% funded that year — below the 100% that actuaries recommend. ...

How much is Illinois' Pension Debt?

The agency’s calculations put Illinois’ per household debt at more than $66,000 each. It’s the highest debt burden for state pensions in the country. Any way you measure it, the burden on Illinoisans is growing. For more on Illinois’ pension crisis and what can be done about it, read Wirepoints’ four-part series: ...

Does Illinois have a pension problem?

While accurate, that analysis only tells part of the story. The problems run deeper. Illinois makes some of the largest pension contributions of any state to fund its systems. According to Wirepoints research, the annual average growth rate of Illinois pension assets was 5.5% from 2003-2017. That’s the 8th fastest in the country. ...

Will Illinois' pensions be vetted through a budgetary lens?

(Bloomberg) -- Illinois House Speaker Chris Welch wants to vet the state’s underfunded pensions through a budgetary lens as the legislature looks to close a potentially $3 billion deficit for the year ahead. Most Read from Bloomberg ...

Can Illinois keep pace with rising pension costs?

Even though the state’s annual pension payments are climbing their steep curve, Illinois still cannot keep pace with the system’s growing costs. An extraordinarily generous state retirement package promises 3% compounded growth in annual retirement checks to all retirees and current workers hired before 2011. ...