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IPFS News Link • Illinois

Illinois is Insolvent: State Requests a Pension Bailout From Congress

•, by Mish

The president of the Illinois State Senate seeks $40 billion to help the pension system, fund unemployment insurance and aid hospitals and cities according to the New York Times. 

The letter, sent this week by State Senator Don Harmon, also seeks a $15 billion grant to "stabilize the state's budget," $9.6 billion in direct aid to Illinois's cities, $6 billion for the state's unemployment insurance fund, and hardship money for hospitals and nursing homes, among other things.

Messages left for State Senator Bill Brady, the minority leader, were not immediately returned on Friday evening. Democrats hold 40 of the State Senate's 59 seats.

Illinois is Insolvent

I was certain this would happen, but the way this happened is a bit unexpected. Some of the state pension plans will run out of money in as little as 2-7 years.