Fiscal Focus - Illinois Comptroller's Office: "Illinois’ state pension systems continue to be seriously underfunded with the latest calculations placing the unfunded liability at over $40 billion. As of June 30, 2006, the five pension systems primarily supported by the state (the Downstate Teachers’ Retirement System (TRS), the State Universities Retirement System (SURS), the State Employees’ Retirement System (SERS), the Judges’ Retirement System (JRS), and the General Assembly Retirement System (GARS)) had accumulated $103.1 billion in actuarial liabilities for pension, disability, and death benefits. The systems held assets valued at $62.3 billion leaving $40.7 billion in unfunded obligations, or a funded level of only 60.5%."
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One state--Illinois. $40 billion underfunded. You can find a similar situation in a number of other states.
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