Already facing a budget crisis, Illinois will be on the hook for another $421 million in the next fiscal year after the board of the state’s largest public-pension fund voted Friday to lower the assumed rate of return from 7.5 percent to 7 percent.
Comment: Pension contributions by the state already consume about a quarter of its spending. You can count on more of the same from this and other state and local pensions across Illinois. You can also be sure their unfunded liabilities will continue to increase nevertheless. This is a bottomless pit.