We don’t talk about Illinois’ state and local pension crisis enough. But we feel the ways it affects us twice a year when we get our property tax bills.
Illinois’ state pension debt now stands at $140 billion. That’s $9.8 billion more than it was in 2021. Local government pension debt is worth an additional $70 billion across Illinois. Even though Illinois’ unfunded pension liabilities are growing at a rapid clip, reporting from the Illinois General Assembly’s Commission on Government Forecasting and Accountability shows state lawmakers are planning to underfund the state’s pension contribution by more than $4.4 billion in fiscal year 2024.
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