Illinois Pensions in a Fiscal Context: A (Basket) Case Study / Jeffrey R. Brown, Richard F. Dye.

Format:

Book

Author/Creator:

Brown, Jeffrey R.

Contributor:

National Bureau of Economic Research.

Dye, Richard F.

Series:

Working Paper Series (National Bureau of Economic Research) no. w21293.

NBER working paper series no. w21293

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Illinois Pensions in a Fiscal Context

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2015.

Summary:

Illinois' public pensions are among the worst funded in the nation. We present evidence that the main reason for Illinois' underfunding is a history of making inadequate contributions, dating back to the origins of the state's pensions. We discuss the recent history and legal status of pension reform efforts in the state. Using a fiscal model of the state's finances, we project how Illinois' fiscal situation may evolve in the future. A key finding is that with or without pension reform, Illinois will continue to face significant structural deficits that will require revenue increases and/or additional spending cuts to address.

Notes:

Print version record

June 2015.