Mushrooming pension costs take more and more of state budget
October 6th, 2008 at 09:23pm Chuck Sweeny
My Tuesday column deals with Illinois’ soaring pension debt and the lack of will to do anything about it.
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1 Comment Add your own
1. MDH | October 8th, 2008 at 6:41 am
Chuck,
Your comments about the pension fund are timed appropriately. Though your article indicates that there continues to be a growing poblem, unfortunately, it undersells the potential gravity of the problem. With pension fund losses mounting, the question is…..do we have enough funds in pension plans (teacher and state empolyees) to even pay the annual commitments for next year? At what rate of accruement do we need to maintain to be able to stay above water?
Remember, the good gov and Senate leader were betting that they could divert funds to pay for pet projects. They could do this without noticeable immediate income if the funds maintained a certain annual rate of return on monies invested. I’m no rocket scientist, but me thinks the rate of return for 08 is a bit short to continue the masquerade.
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