Illinois’ pension problem is continuing to grow. Standard & Poor’s has lowered the state’s credit rating to an A-, giving Illinois the lowest score in the US.

“We can get by in this state without a fully funded pension, but there is a lower limit on how far we can go. And I don’t know exactly what that limit is but I think we are skating a lot closer to it then the others will,” said Jeffrey Brown, a finance professor at the University of Illinois.

Brown has proposed ideas on ways to fix the pension issue through the University of Illinois’ Institute for Government and Policy Affairs, including changing the way pension benefits are calculated.

“In addition to all the changes on the pension side, we frankly need to find ways to cut spending in other parts of government. And we are going to have to have a serious conversation about what the revenue picture is going to look like as well,” Brown said.


(Posted 1/30/2013 at 5:41am, Illinois Radio Network)