Dire State of Affairs in Illinois

When I write about the incompetence of the Republican Party in Illinois, this, from Mike Shedlock, is one of the things I’m referring to:

I just finished slogging through a 69 page PDF by the State Budget Crisis Task Force outlining the dire state of affairs in Illinois.

I knew in advance that pension funding is the biggest issue facing Illinois. The task force shows exactly that. Here is a summary.

Pension Funding Levels

Teachers Retirement System (TRS) – 46.1%

State University Employees Retirement System (SURS) – 45.3%

State Employees Retirement System (SERS) – 34.9%

General Assembly Retirement System (GARS) – 20.2%

Judicial Retirement System (JRS) – 31.0%

Those funding levels assume 8% returns going forward, something that is not going to happen. So as bad as the above looks, the true pension underfunding is even worse.

Illinois’ infrastructure is in bad shape, and the report has the details.

Continue reading