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Illinois ranks last in funding public pensions

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A new report from the Pew Center on the States says Illinois has the lowest public pension funding level of any state in the nation.

Just 51 percent of Illinois' pension debt of $126 billion dollars is currently funded — down three percentage points from a year ago.

A new report from the Pew Center on the States says Illinois has the lowest public pension funding level of any state in the nation.

Just 51 percent of Illinois' pension debt of $126 billion dollars is currently funded — down three percentage points from a year ago.

The average for all states is 78 percent funded — down 6 percentage points from the previous year.

The Illinois has the seventh largest pension obligation level among the states, and the states with larger pension obligations have funded between 66 and 101 percent of their debt.

In addition, Illinois made only 71 percent of the actuarially required contribution to its pension programs in 2009, the latest year for which data is available. That was the eighth lowest among the states.

When it comes to money set aside to cover retire health care costs, the funding level is far worse.

Pew estimates Illinois has a $44 billion liability for that, and has set aside only 0.1 percent of the money needed.

Related link

The Trillion Dollar Gap Grows Wider (Pew Center on the States)

Related story

Illinois ranks dead last in funding worker pensions (Chicago Business)

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