(The Center Square) – Illinois taxpayers can expect to pay more for public employee retirees hired after 2011 as some worry benefits won’t be equal to Social Security.
Total unfunded liability for the state’s five pension funds is about $140 billion. The pension systems are about 46% funded of total anticipated costs. Tier II pensions were created 14 years ago to help control those costs, but the total dollar amount of the unfunded liability has increased since then.
The state’s largest public sector retirement system, the Teachers’ Retirement System, is about 45% funded. Last month, Andrew Bodewes with TRS said in 2024, teachers, who don’t get Social Security, gave 9% of their pay to pensions, or about $1.2 billion. Investment returns bring in revenue as well, or $5.7 billion in 2024. State taxpayers covered $6.1 billion…