TITLE

Bad News: Pensions Are Only 62% Funded Good News: That's Quite an Improvement

AUTHOR(S)
Shields, Yvette
PUB. DATE
March 2006
SOURCE
Bond Buyer;3/30/2006, Vol. 355 Issue 32350, Special section p40
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article provides an overview of the fiscal condition of Illinois. The state's retirement system has a total unfunded pension liability of $38.6 billion. The system's total assets for 2005 is $58.6 billion. Meanwhile, the state has been criticized for using $2.2 billion of the proceeds from its pension bond deal to cover a portion of its regularly scheduled fiscal 2003 payment. The state has registered low interest rates ranging between 2.53 percent and 5.1 percent.
ACCESSION #
20409227

 

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