Saturday, October 17, 2015

Illinois To Delay Pension Payments Amid Budget Woes

However, Wisconsin’s public pension program is fully funded, thanks to Gov. Walker, the Republican led Legislature and the Act Ten reforms that made the state government solvent.
By contrast Democrat run Illinois, a more populous and far richer state, doesn’t even have the cash flow to pay its lottery jackpots on time now, much less its public pensions.


ILLINOIS WILL DELAY PENSION PAYMENT BECAUSE OF CASH SHORTAGE

Oct 13 Illinois' budget impasse has reached a point where full and timely payments for big ticket items such as pensions could be in jeopardy, the state comptroller's office indicated on Tuesday.

Comptroller Leslie Munger set a Wednesday press conference "to discuss the significant cash flow constraints the continuing budget impasse is placing on state finances and the challenges of making timely state payments in the months ahead,"according to an advisory from her office.

The battle between Republican Governor Bruce Rauner and Democrats who control the legislature has left Illinois without a budget for the fiscal year that began July 1. However, the state is required, even without a budget, to put aside money each month for pensions and debt service on bonds.

Finally, a look at just how underfunded Illinois' pension system truly is:

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