Speaker of the House Michael Madigan, D-Chicago, left, and Rep. John Fritchey, D-Chicago, right, look on as lawmakers argue state pension legislation while on the House floor in Springfield on Wednesday, March 24, 2010. (AP Photo/Seth Perlman)SPRINGFIELD -- The financial hole in Illinois' government pension systems grew even larger last year, the state auditor reported Thursday, a problem that tends to increase pressure on a state budget already stretched too far.
The long-term gap between what Illinois owes future retirees and the money available to pay them jumped 21 percent under a new measuring system, Auditor General William Holland reported. Even under the old system, the gap grew by 10 percent.
Illinois government employees, downstate teachers and university staff have been promised $139 billion worth of retirement benefits, but the pension systems have only $63 billion in assets. Eventually, the state will have to come up with money to make up that difference.
As state government devotes more money to government pensions, it leaves less for education, law enforcement, human services and other needs.
Illinois borrowed about $3.7 billion this year to help make the annual contribution to retirement systems. The amount owed in the next budget will top $5.4 billion, the auditor said.
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