The percentage of Illinois’ state budget consumed by its statutory retirement costs beats out every state in the nation, Wirepoints reports.
In Illinois, the statutory retirement costs consume 26 percent of the state’s budget. The next closest state to Illinois is Connecticut, coming in around 20 percent.
Of the states that surround Illinois, Kentucky’s is 13 percent, Missouri is 7 percent, Indiana is 6 percent, Wisconsin is 5 percent and Iowa is 4 percent.
“26% of Illinois' budget is consumed by statutory retirement costs – almost seven times more than Iowa. #twill #illinois #pensions” Wirepoints tweeted.
In the past, Wirepoints has made suggestions on how to fix the state’s pension problem, including moving state workers to a 401k-style account going forward, assuming the automatic 3 percent raises for most retirees until pensions can be fully funded, and requiring state retirees to pay a share of the health insurance costs.
“These reforms will save the state $5 billion a year, more than the progressive tax hike would have raised,” the nonprofit stated on its website.
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