AP Photo/Seth Perlman
(The Center Square) – A report by the Illinois Auditor General on the state’s pension systems offers some sobering numbers.
The audit shows the pension systems for teachers, state universities, state employees, judges and the General Assembly were about 42% funded in 2021, which reflects little improvement from the year before.
The dismal stock market performance this year will negatively affect the Illinois pension system. Jonathan Williams, chief economist for the American Legislative Exchange Council, or ALEC, says it is a double whammy for Illinois taxpayers.
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