A new report says Illinois has the highest per-capita unfunded state and local pension liabilities in the nation, 50% higher than the state with the second-highest pension debt.
Reason Foundation reviewed over 300 public pension systems and found that Illinois leads the nation with over $15,000 per capita in unfunded state and local pension liabilities.
Connecticut was next with $10,000 per capita in pension debt at the end of the 2024 fiscal year.
Ryan Frost, managing director of the Pension Integrity Project at Reason Foundation, explained the difference between Illinois and other states.
The report found that the Illinois Teachers Retirement System has $83 billion in unfunded liabilities, second-highest of any pension plan in the nation.
Frost said there is only one way out for a plan has been poorly run for so long.
Frost said almost every public pension plan in Illinois is ranked near the bottom.
Story from Illinois Radio Network
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