ILLINOIS: Pension problem keeps growing, state still seeking answers

Illinois must step up payments to the state pension system or that escalating burden will begin consuming what the state can spend on schools, health care and other services.
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Illinois ranks behind most states when it comes to government spending, taxes and public employee head count, yet has $42 billion in unfunded pension liability debt, the highest in the country, according to a study released by the bipartisan fiscal think tank Tuesday.

The liability grew by $7 billion in the last two years alone, according to the study.

For decades, Illinois skimped on its funding for the pension system. Now the state finds itself playing catch-up and as the pension debt and its compounding interest grows, it consumes more and more of the state's budget.

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