Illinois Issues: The Great Pension Chasm
Source: NPR Illinois

Yet another proposal aims to get the state out of crisis.

A 1917 report conducted on the Illinois pension system revealed bad news. After a pension-focused trip around the globe, with studies on such nations as Great Britain, New Zealand, and Austro-Hungary, it got to crux of the matter:

“The general condition of the pensions operating under the laws of Illinois may be correctly described as one of insolvency. That is to say, viewed from the standpoint of sound finance and of having the necessary reserves to carry out the payment laws, there are immense deficiencies in the existing funds.”

Though the language would sooner be found in an episode of Downton Abbey, the reality for Gov. Bruce Rauner and the 100th General Assembly sounds much the same but is far worse now. Rauner has made pensions and other pro-business reforms so central to his administration, his critics say it’s at the expense of a state budget.


Full Article