Illinois has far too many anemically funded pension plans and it’s time to do something about it.
The state’s five main pension funds have more than $130 billion in debt, meaning they need that much more to be considered in good health. Soon, nearly a quarter of every dollar we send to Springfield will go toward paying state retirees. That’s a problem that needs to be addressed and, so far, there’s been no wherewithal to do it.
But that’s just part of the pension story. We also have 653 separate local police and fire pension funds in communities all around the state, and many of those are in poor shape, too. Several approaches to consolidating those funds are expected to get a hearing Wednesday in Springfield.