Politics the problem with pension woes
By now, everyone has heard the myth that the problem with the state’s pension system is that the state has failed to make the required contributions, but Bill Zettler at Championnews.net has written an excellent article (“Politicians and unions lied to us in 1995 and have been lying to us ever since”) proving that claim to be a lie.
In 1994, Gov. Jim Edgar signed Public Act 88-0583 with the goal of increasing the pension system’s funded ratio from 52 percent to 90 percent by the end of fiscal year 2045.
The TRS actuaries calculated that the law required the state to contribute $14.5 billion between 1996 and 2010, but taxpayers contributed $18.5 billion, and the funded ratio fell to 40.5 percent.
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