Illinois pension debt tops $300 billion - highest in the nation
Peter Hancock, Capitol News Illinois
March 6, 2021
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A report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion the highest of any state in the nation.
As of June 30, the total unfunded liabilities of the state’s five pension systems stood at $317 billion, a 19% increase from the prior year, according to the report. That largely was due to historically low interest rates, which have depressed pension fund earnings throughout the country.