From The Illinois Policy Institute:
by Jonathan Ingram
Illinois Policy Institute
March 02, 2012
Illinoisans are beginning to see the dangers of another unfunded liability: free or subsidized health care for retired state workers. The state has promised, in today’s dollars, nearly $44 billion in retiree health benefits to government employees over the next thirty years. Unfortunately, it has not set aside any funds for those future payments. These unfunded liabilities are growing two and a half times faster than state revenues and, if left unreformed, will work in tandem with rising pension costs to dramatically cut government services.
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