The Illinois Commission on Government Forecasting and Accountability (COGFA) has released its latest state pension report. The numbers confirm what taxpayers already know and what Illinois politicians continue to ignore: Illinois needs massive pension reforms.
COGFA says that the state’s pension debt rose by more than $4 billion despite strong stock markets, a booming national economy and billions more in taxpayer contributions.
The total shortfall for Illinois’ five state-run pension funds – for teachers, state workers, university employees, judges and lawmakers – rose to $133.5 billion in 2018 compared to last year’s $129.1 billion in 2017. The plans’ fiscal year ended June 30, 2018.
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The dumbocrat house of cards is tumbling down.
ReplyDeleteMark dice.
ReplyDeleteif it were a private pension, the PBGC would have shut it down since it is insolvent.
ReplyDelete