Governor JB Pritzker (D) last month unveiled a series of proposals for how to deal with Illinois’ staggering $134 billion unfunded pension liability. Investors were cool to the proposals, which range from borrowing $2 billion in bonds to pushing out the amortization schedule by seven years.
for how to deal with the state’s staggering $134 billion unfunded pension liability. Investors were cool to the proposals, which range from borrowing $2 billion in bonds to pushing out the amortization schedule by seven years.
Final details will be crucial, but consolidating local pension plans could help pensioners, whose returns will benefit from having their money pooled, as well as Illinois taxpayers, who aren’t looking to shell out dollars for duplicative services when they’re already facing certain future tax and fee increases.Illinois has 653 separate police and fire local pension funds. That’s more than every other state except Pennsylvania, according to 2017 data from the US Census Bureau.
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