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items tagged with pension reform

The Pension Time Bomb: Why Public-Sector Retiree Benefits Need to Change, and the Barriers to Meaningful Reform
Written By: Jeff Ignatius
Section: News/Features

Category: Feature Stories

2012-11-08 11:00:58

[Note: Commentary from the Reader's editor, published on this topic, can be found here.]

A riddle: What do you get if you add $209 billion to $54 billion to $15 billion?

If you answered “a lot,” you’re correct and not particularly inclined toward math.

If you answered $278 billion, you’re adept at arithmetic and correct, if literal-minded.

If you answered the respective unfunded liabilities for Illinois’ state-run pension funds, its retiree health-care system, and its pension bonds, you’re correct and probably cheating.

And if you answered “a time bomb,” you’re probably most correct. Because while the numbers are important, they’re constantly changing and open to interpretation, and the most important aspect of them is their magnitude. Whether it’s cast as an $83-billion pension problem or a $278-billion benefits issue, the sheer size of it shows that it can’t be solved with tinkering.


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