Illinois’ Other Debt Disaster: $73 Billion Unfunded State Retiree Health Benefits

from Zero Hedge

Authored by Ted Dabrowski and John Klingner via,

Pensions get all the attention when it comes to Illinois’ collapsing finances. But there’s another government-worker benefit also wreaking fiscal havoc – free and heavily-subsidized retiree health insurance for state workers.

Illinois has promised $166 billion in retiree health insurance benefits to public-sector workers over the next 38 years. Actuaries say the state should have $73 billion invested today so it can safely make those payments in the future. The problem is, the state hasn’t set aside anything at all.

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