Blame ‘Pension Ramp’ for state’s liability – DailyHerald.com

6 Dec

If you want to believe “unaffordable” pension benefits promised to public sector workers like teachers and social workers caused Illinois’ outsized, $83 billion unfunded pension liability, stop reading now. This column will only make your head hurt by disproving that canard with facts. If you’d rather understand both the true cause of that underfunding and how it actually strains the state’s budget, then continue reading.

Start with the most important fact: Illinois’ ginormous unfunded pension liability wasn’t caused by any inherent aspect of the pension systems. That’s right, neither the benefits promised nor the cost of paying for those benefits is to blame. Here’s proof. More…

via Blame ‘Pension Ramp’ for state’s liability – DailyHerald.com.

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