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Study: IL at Bottom of Pension List
SPRINGFIELD, Ill. (AP) -- A new report shows Illinois trailing every other state in the country at covering future pension costs.

The Pew Center on the States found that Illinois set aside only 51 cents for every dollar it has promised to pay out.

Other states owed more to their retirement systems in raw dollars, but none matched Illinois in percentage terms. The closest was West Virginia, which had 56 percent of the money to cover its long-term costs.

Experts often recommend states build up assets worth 80 percent of their future pension costs.

Illinois state government has frequently failed to make its full contribution to retirement systems.

There is no danger that pension checks will stop going out, but eventually Illinois will have to come up with billions of dollars or find a way to reduce pension costs.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
04 26 11 by Newsroom
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