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IPFS News Link • Illinois

Illinois Taxpayers On the Hook for $530 Billion in Unfunded Pension Obligations

•, By Mish

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.  

Shortfall Contribution

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 

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