Illinois’ pension costs, debt are growing far faster than state predicted – Illinois Policy Institute

During the past decade, the state consistently underestimated how fast pension costs and pension debt would grow in the future. That left taxpayers on the hook for $7.6 billion in unexpected costs. It also left social services on the chopping block and some policymakers with the impression that the pension problem could simply blow over. Even strong investment returns have failed to solve the crisis. While the S&P 500 index tripled in value after July 2009, Illinois’ pension shortfall worsened by 75%, Wirepoints has noted.