-By Warner Todd Huston
According to the Pew Center on the States, Illinois’ public employee’s pension system is in the worst shape of all states. The Associated Press reported that pensions in Illinois are underfunded and over promised.
Illinois was rated the most troubled pension system during the study period, with a 54 percent funding level and a total liability of more than $54 billion.
Proof once again that public employee unions are antithetical to good government. The reasons these pensions are in such poor shape are twofold. One is that they are far, far too generous (fault: unions) and two is that even when the money does go into these accounts the state legislature raids the funds for general usage (fault: politicians). Both reasons are failures of government.
What this state needs to do first thing is to start a two tiered system. Since the pensions are protected by law, we need to accept that we are saddled with current pensions. But any new employee and all employees not yet vested should have their undeserved benefits massively cut.
The state should also look to offer as many buyouts at lower costs as it can. Early retirements might help the bottom line, too.
But taking care that future benefits are not so undeservedly high is the most important thing here.
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Pension Failure in Illinois Worst in Country”
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Institute Releases Piglet Book
