A new report being issued today — see the bottom of this post — from the Pew Center on the States says that Illinois once again ranks 50th of the 50 states in assets relative to liabilities.
But while Illinois’ absolute position did not sink — a mathematical impossibility — its relative position did erode, as the shortfall in terms of dollars here worsened faster than it did on average in other, better-positioned states. …
Illinois “is on an unsustainable course,” said David Draine, the chief author of the report by the Washington, D.C.-based public policy and research group. …
According to the report, Illinois as of the end of fiscal 2010, the latest year for which national figures are available, ranked dead last of the 50 states, having on hand only 45 percent of the assets needed to pay $139 billion in accrued pension liabilities.
The report concerns the state’s five retirement funds, covering state workers, teachers who work outside of Chicago, professors in the University of Illinois system, judges and members of the General Assembly.
The total unfunded liability as of the end of fiscal 2010 — that was June 30, 2010 — was $75.73 billion, somewhat less than the current $83 billion figure cited earlier this year by the Legislature’s economic watchdog unit.
Public sector unions need to understand the reality. Retirees are in serious danger of not getting paid what they are owed. Default is becoming a more and more real possibility.
Heck! These numbers don’t even include the Chicago Teacher’s Union. So the situation is even worse.