Moody’s: Ill. Pension Debt Versus Revenue Is Worst
A major credit-rating house reports that Illinois' pension liability as a percentage of its revenue is far and away the nation's highest.
Moody's Investors Service has released a report showing that the state's three-year average liability over revenue is 258 percent. The next closest is Connecticut at about 200 percent.
The report averaged the Illinois percentage from 2010 through 2012.
The state has a $100 billion deficit in the amount of money it should have invested in five state-employee pension accounts.
Lawmakers adopted an overhaul plan last fall that cuts benefits and increases worker contributions to significantly cut that debt.
But Moody's points out that even if the law gets Illinois constitutional approval from the Supreme Court, the state will face decades of financial digging out.
Links
- Illinois Pension Case Might Head To Supreme Court
- Illinois Schools In Pension Limbo
- Ruling On Pension Suit Could Take Five Months Or More
- TRS: State Will Have To Pick Up More Of Teacher Pensions
- Hold Placed On Illinois Pension Law
- Deal Reached On University Pensions
- SURS Changing Interpretation Of Pension ‘Money Purchase’ Provision
- Illinois Schools Struggle To Soften Pension Losses
- Motion Filed To Put Pension Law On Hold
- U Of I: Illinois Pension Overhaul Had Costly Mistake
- Pension Law Could Mean Mass Retirements At State Universities
- Fifth Pension Lawsuit Filed By U Of I, Parkland Employees
- Retiree Groups Want Pension Lawsuits Consolidated
- More Retired Ill. Workers Sue Over New Pension Law