New Report Says Pension Reform Won't Reduce Deficit
A report released Tuesday says Illinois' plan to save $160 billion ultimately won't make much of a dent in the state's growing deficits.
The University of Illinois' Institute for Government and Public Affairs study says changes to the state's major public pension systems will eliminate their unfunded liability over the next 25 years, but the state's deficit will increase to $13 billion during that time.
Institute researchers projected a $14 billion deficit — a $1 billion difference — if the state had not implemented pension reform.
Institute Director Chris Mooney says the study was released purposely as campaigns for the 2014 general election begin to heat up.
Mooney says he wants to make sure the state's fiscal crisis is talked about and that people "don't get complacent."
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