News

IPI: Illinois Pension Funding = Problematic

IPI: Illinois Pension Funding = Problematic

Photo: Newsradio WTAX

Illinois’ unfunded pension obligations, along with a state Supreme Court ruling that state retirees cannot be forced to pay health insurance premiums, have the state up against it. We can all agree on that.

The right-leaning “free market” advocacy group Illinois Policy Institute says new standards from GASB – the Government Accounting Standards Board – magnify the problem.

Ted Dabrowski, IPI’s vice president of policy, says the state’s taxpayers are on the hook for $56 billion, and that’s more than 10 percent of the total for the fifty states.

“Most governments are overly optimistic about the investment returns they have,” Dabrowski says, and “the pension shortfalls are much higher.”

IPI points out most private-sector retirees have no expectation their employers will pick up the health premiums.

Recent Headlines

in Local

Higher Speed Limits Expanding to Tollroads: Senate Overrides Vetoes

speed limit 70

The Illinois Senate has overridden the governor's vetoes of bills raising speed limits in Illinois.

in Local

Supreme Court Decision: Illinois May Have To Set Up Its Own Website

online-health-620x400

Illinois may have to set up its own insurance webpage because of U.S. Supreme Court's ruling on Affordable Care Act.

in Election 2014, Local

Governor-Elect Rauner Prepares To Take Reins of Illinois’ Government

governor's mansion

Governor-Elect Bruce Rauner busies himself with plans for taking reins of Illinois' government.

in Local

Heroin Kills: Man Sentenced To 24 Years For Dealing Lethal Drug

heroin

A Pekin man is given 24 years in prison for selling heroin that prosecutors say killed at least three people.

in Local

Springfield Fire Captain Arrested for Wielding Gun

gun

The Menard County Sheriff's office says a Springfield Fire Department captain has been arrested for carrying a shotgun into a rural Athens home and threatening residents.