As Illinois’ pension debt crisis continues to swallow up the state budget and make headlines, Illinoisans have been left wondering, “How did it come to this?”
In 2000, Illinois’ pension systems stood as healthy as they’d been in 30 years, with a funded ratio of 75 percent and less than $16 billion in unfunded pension liabilities.
Thirteen years later, pension debt has increased six-fold and Illinois’ retirement systems are in a state of disrepair unmatched elsewhere.
We explain step-by-step how two recessions and a decade of systemic underfunding and over-borrowing by state government conspired to put Illinois in the path of a perfect storm of financial disaster. Check out our timeline and then join us in demanding a solution.