Ted was on Illinois Rising earlier this week discussing Illinois’ massive retirement crisis at the state and local level. Everybody wonders what to do about pensions, but the retirement problem is even bigger than that.
Illinois gives state workers free health insurance in retirement. In total, the state owes $73 billion in retiree health benefits, yet doesn’t have a cent set aside to pay for them.
To read more about Illinois’ $73 billion in retiree health insurance debts, see: Illinois’ other debt disaster: $73 billion in unfunded state retiree health insurance benefits