Today, Illinois’ unfunded pension liability is estimated to be $78 billion.
How did we get here?
Let’s call it the “Four Rules of Too” for public employees whose salaries are too high; contributions are too low; plans are too bloated; and retirement is too early.
As the following chart regarding the Teachers Retirement System (TRS) shows, over the last decade teacher salaries have risen by 7% per year or 96% compounded and the pension cost (Pension Benefit Obligation) taxpayers are responsible for has gone up 116%.
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