State pensions are doomed regardless of fixes: report

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This has been the case for a long time. From Crain’s:

Illinois’ pension woes are so deep that even if huge cutbacks are ordered by the Illinois General Assembly, the state’s pension systems inevitably will run out of money to pay promised benefits.

That’s the bottom line of a letter, below, and memo released today by one of Illinois’ leading business groups that argue that onerous changes, like a complete freeze on all pension benefits, ought to be implemented anyhow to protect the state budget and buy time.

Overall, the memo to members and letter to Gov. Pat Quinn by the Civic Committee of the Commercial Club seeks to raise the volume as the General Assembly prepares to take up pension reform in January. And the group does so with some extraordinarily pointed language.

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