A new report on Illinois underfunded pension systems says the state needs to put more money into the benefits programs before they become unsustainable and consume an even larger share of the state's tax revenue.
The state will be required to contribute $9.39 billion to six pension funds in fiscal 2020, about $845 million more than the previous year, according to the report.
Taxes in Illinois cannot keep up, likely rowing at 3%, if that. The state is losing productive capacity. Tax rates will increase and discretionary government spending gone. Unsustainable. Voters get zero benefit, the retirees are all in Florida, contract guaranteed.
Illinois has some smaller cities paying 60%, even 80% in one case, of taxes to pensions. They are better off disbanding, moving elections and services to county and state.
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