By Jonathan Ingram, Illinois Policy Institute -
Illinois’ pension systems are one year closer to complete insolvency.
According to the latest actuarial reports, the state’s five public pension systems owe a combined $94.6 billion. That’s up 14 percent from the $82.9 billion reported last year. Worse yet, none of the pension systems have enough assets on hand to pay benefits to those who have already retired, let alone those still working.