The title for Most Poorly Managed Pension Benefits is a highly sought after position among fiscally irresponsible states, and Illinois continues to be the reigning champion for more than a decade.
In 2017, Illinois had more than $218 billion in promised pension benefits, but only had $83.4 billion in assets to cover it. That’s more than $134 billion in unfunded benefits. However, this is far from news to our sinkhole state as we continue to plunge further into debt every year.
California and New Jersey were stiff competition for second place, with New Jersey coming on top at $103.5 billion in unfunded benefits compared to California’s $102.5 billion. This has been surprising for New Jersey in recent years since they only had $38 billion in unfunded benefits in 2013. California unfunded benefits also increased by almost 10% since last year!
The competition gets more fierce by the year, but time will tell if either state will beat Illinois for this prestigious title. Check back next year to see who’ll take the crown!
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