Wednesday, July 26, 2006

Illinois "Early Retirement Program" scam



The Illinois Commission on Government Forecasting and Accountability (ICGFA) published its study last month, saying the state will have to increase pension contributions by $10.3 billion over nearly 40 years.

That increase is necessary because of legislation that allowed the state to avoid pension contributions in fiscal 2006 and 2007. Illinois currently has the most underfunded pension program in the nation, the report said.

Dan Hankiewicz, pension manager for the ICGFA, authored the pension report. He said the state now has a goal of catching up on pension obligations by 2045. Carrying that debt for so long will put the Illinois budget under constant pressure, Hankiewicz said.

(above courtesy of the Capitol Fax Blog)

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