Excerpt:
The first actuarial report is out for an Illinois pension for fiscal year 2022, which ended on June 30. It’s for the TRS, the Teachers Retirement System, which accounts for well over half of Illinois state-level pension debt.
Unfunded liabilities grew about $6 billion from $74.7 billion to $80.7 billion on a fair asset value basis. Its funded ratio worsened from 46.2% to 43.8%. The drop occurred despite a one-time, special contribution by taxpayers to the fund of $173 million that was in addition to their annual, scheduled contributions.
Expect Illinois’ other pensions to suffer similarly dismal results as their 2022 reports are published.
Author(s): Mark Glennon
Publication Date: 7 Dec 2022
Publication Site: Wirepoints