News

Unfunded Pension Liability Grows to $100.5 Billion

Unfunded Pension Liability Grows to $100.5 Billion

Photo: clipart.com

A new audit of Illinois pensions shows their unfunded liability has crossed into new territory. It’s no longer almost or about – it’s more than $100 billion.

The auditor general’s report released Wednesday indicates the five systems’ liability grew 6.3 percent – $5.9 billion – in the fiscal year which ended June 30, 2013. The new total is $100.5 billion.

It’s not a surprise to one of the legislature’s main pension negotiators, State Rep. Elaine Nekritz (D-Northbrook), who says the calculations have been “smoothed” for the last five years.

“You take an average of the value of those assets over five years rather than at a point in time,” Nekritz says. “The reason you do that is when the stock market dropped – what was it, 25, 30 percent? – that was a very significant hit (which) I didn’t think really reflected the long-term value the assets that were held in the pension funds.”

Recent Headlines

in Local

Economic Development Commission Backs Parking Garage Repairs

Fresh
9-1-15 Economic Development Commission

A project that's been delayed for years may end up going forward, thanks in part to the city's new Economic Development Commission.

in Local

SEIU Urges Override of Rauner Veto

Fresh
9-1-15 SEIU

The Service Employees International Union used the State Capitol Rotunda to hold a class they say Governor Bruce Rauner is trying to cut.

in Local

Farmers Need to be Promoters, Too

Fresh
USFRA FPS sustainability press conf

Survey released at Decatur's Farm Progress Show.

in Local

Seven Now Dead in Legionnaires Outbreak

Fresh
Quincy VA Home

Seven people have died from Legionnaires' disease at a veterans' home in Quincy.

in Local

Police Hunt for 3 Suspects After Lake County Sheriffs Deputy Killed

Updated
FOX LAKE AP

Police in northern Illinois say a manhunt is underway after an officer was shot and killed while pursuing a group of suspicious men.