These excerpts from the annual Report of the Illinois Publis Employees Pension Laws Commission highlight the problems in state worker pension financing going back decades.
1949: “By reason of the absence of a consistent of guiding pension policy …”
The tremendous, ever-increasing and disproportionate liabilities being imposed upon present and future generations of taxpayers by reason of the absence of a consistent or guiding pension policy…
1959: ”… resulting for the most part from the inadequacy of government contributions in the prior years …”
Of principle concern to the Commission is the accumulation of large unfunded accrued liabilities resulting for the most part from the inadequacy of government contributions in the prior years …
1973: ”… ignored by some public officials.”
Yet, the pension obligation still remains almost wholly obscured or ignored by some public officials.