Illinois’ pension debt, already the nation’s biggest, grew to $317 billion in 2020 according to a new report from Moody’s Investors Service.
The Moody’s report confirms Wirepoints’ prediction made last April in “Coronavirus impact may push Illinois state pension debt to over $300 billion.” We warned that the economic fallout from COVID and record-low interest rates would cause the state’s pension shortfall to jump to $312 billion.
Now Moody’s says the shortfalls of Illinois’ five state-run pension funds, based on the credit agency’s own calculations, jumped by $56 billion, up from $261 billion in 2019.
Moody’s report also highlighted Illinois’ extreme “outlier” status, warning that “Illinois’ pension liabilities are the highest among the 50 states” and that the state’s total debts “are at or near the top by almost any measure.” – READ MORE
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