T Nation

Should We Bail Out Illinois?

"I just finished slogging through a 69 page PDF by the State Budget Crisis Task Force outlining the dire state of affairs in Illinois.

I knew in advance that pension funding is the biggest issue facing Illinois. The task force shows exactly that. Here is a summary.

Pension Funding Levels

â?¢Teachers Retirement System (TRS) - 46.1%
â?¢State University Employees Retirement System (SURS) - 45.3%
â?¢State Employees Retirement System (SERS) - 34.9%
â?¢General Assembly Retirement System (GARS) - 20.2%
â?¢Judicial Retirement System (JRS) - 31.0%

Those funding levels assume 8% returns going forward, something that is not going to happen.

Read more at http://globaleconomicanalysis.blogspot.com/#LIIG7AmXJsCQEGdy.99

[quote]Headhunter wrote:
"I just finished slogging through a 69 page PDF by the State Budget Crisis Task Force outlining the dire state of affairs in Illinois.

I knew in advance that pension funding is the biggest issue facing Illinois. The task force shows exactly that. Here is a summary.

Pension Funding Levels

â?¢Teachers Retirement System (TRS) - 46.1%
â?¢State University Employees Retirement System (SURS) - 45.3%
â?¢State Employees Retirement System (SERS) - 34.9%
â?¢General Assembly Retirement System (GARS) - 20.2%
â?¢Judicial Retirement System (JRS) - 31.0%

Those funding levels assume 8% returns going forward, something that is not going to happen.

Read more at http://globaleconomicanalysis.blogspot.com/#LIIG7AmXJsCQEGdy.99 [/quote]
Public sector does not EVER need to have a pension nor should they be allowed unions

All this simply cannot be sustained…It’s too much.
Illinois has dug it’s own grave, let it dig itself out, it’s their fault
despite calls from the few for discipline years ago that fell on deaf ears,
now look at the trouble they’re in.