Pension Debts Hit $530 Billion
Hello Illinois taxpayers, the Pension Shortfall Surpasses $500 Billion and your average debt burden is now $110,000 per household.
Moody's estimate of Illinois' retirement debts, made up of pension and retiree health shortfalls at the state and local level, hits $530 billion in 2020.
This is despite a massive multi-year stock market rally and huge tax hikes that went to pension funds and little else.
Illinois just reached an alarming milestone: each Illinois household is now on the hook for, on average, $110,000 in government-worker retirement debts. That figure is the result of dividing Illinois' $530 billion in state and local retirement shortfalls among the state's 4.9 million households. In 2019, the burden was $90,000 per household.
Illinois' five state-run pension funds – $313 billion
State retiree health insurance – $55 billion
State pension obligation bonds – $9 billion
Chicago and Cook County pensions and retiree health – $122 billion
Other local government pensions and retiree health – $32 billion