Monday, August 06, 2012

Spending More On Pensions Than On Education

Uh oh:
The state of Illinois faces at least $83 billion in unfunded liability between its five pension systems, and is on track to spend more on its government pensions than on education by 2016, a new study released by Governor Pat Quinn’s office says.

The state budget office conducted the study based on a “district-by-district analysis” if the state does not enact comprehensive pension reform, the governor said in a statement. Governor Quinn released the study a few days after calling a special session dedicated to pension reform on August 17.
This is my concern about California and the underfunded retirement system into which I'm required to pay.  And lest you think I'm just jumping on some bandwagon here, notice that I've been writing about this topic since the very first year of this blog and now have several posts on the subject.

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