NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Richard Dye

University of Illinois
Institute of Government and
Public Affairs
815 W. Van Buren
Chicago, IL 60607

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Institutional Affiliation: University of Illinois

NBER Working Papers and Publications

June 2015Illinois Pensions in a Fiscal Context: A (Basket) Case Study
with Jeffrey R. Brown: w21293
Illinois’ public pensions are among the worst funded in the nation. We present evidence that the main reason for Illinois' underfunding is a history of making inadequate contributions, dating back to the origins of the state's pensions. We discuss the recent history and legal status of pension reform efforts in the state. Using a fiscal model of the state's finances, we project how Illinois' fiscal situation may evolve in the future. A key finding is that with or without pension reform, Illinois will continue to face significant structural deficits that will require revenue increases and/or additional spending cuts to address.
 
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