The state’s public pension funds are already at high risk of insolvency, yet Illinois continues to pay them out. Of nearly 300,000 retirees receiving public pensions of $100,000 or more across 18 states, Illinois paid nearly 48,962 of them.
Pensions are certainly an effective tool for recruiting public-sector employees, but Illinois is only $202 billion away from saving up enough money to fulfill the obligations it has already promised to current and future retirees according to Equable (a data-driven company dedicated to building retirement systems that work).
Pensions aren’t a good thing if they’re not managed responsibly, and Illinois is dangerously close to running out of cash.
