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

Outbreak of Mumps Affecting Mostly U of I C-U Campus Students

Fresh
university illinois

Sixty people in the Champaign-Urbana have been reported since April as having the mumps -- most of which are from University of Illinois students.

in Local

Weekend Springfield Fires Displace At Least 15

Fresh
fire

Two fires displaced at least 15 Springfield residents over the weekend.

in Local

Teens Arrested for Shooting

Fresh
gun

A Springfield teenager is behind bars for what police suspect was a drive-by shooting Sunday night.

in Local

Education Superintendent: Don’t Judge Me on My Salary

Fresh
Tony Smith

Tony Smith has a $225,000 salary.

in Local

Durbin: Don’t Defund Planned Parenthood

3-9-15 Durbin

Efforts to cut off federal funding for Planned Parenthood are misguided, according to U.S. Sen. Dick Durbin (D-Ill.).