A recent report
from the General Assembly's Commission on Government Forecasting and Accountability shows Illinois’ unfunded pension liability has now reached $111 billion. The newest figure is up from about $105 billion in 2014 and about $98 billion in 2013. The Illinois Teachers’ Retirement System alone accounts for $62 billion of the overall unfunded liability.
Senator Republicans say this report continues to highlight the need for pension reform that is fair to employees and taxpayers, and that helps Illinois regain its financial footing.
Earlier this year, the Illinois Supreme Court struck down a pension reform law.