Yep. Click here and you’ll see COGFA projected in April that the unfunded liability by the end of Fiscal Year 2019 would be $136.8 billion. Click here and you’ll see that COGFA’s most recent report shows the actual unfunded liability for FY19 was $137.3 billion.
* More from Hannah’s report…
The total amount of pension costs included in the current fiscal year’s budget is $9.2 billion — which represents 22 percent of the total amount of state spending in the current $40.7 billion budget. The Governor’s Office of Management and Budget estimates the state budget for the 2021 fiscal year will grow to $42.2 billion, and the estimated $9.8 billion in pension contribution costs for the state’s five pension systems would represent 23 percent of the state’s operating budget.
When debt service payments for past pension bonds — including pension funding bonds from the 2003, 2011 and 2020 fiscal years — are included, along with the state’s contribution to the Chicago Teachers’ Pension Fund, the total amount of pension costs the state expends represents over a quarter of the state’s overall operating budget. Illinois is projected to spend $708 million in debt service for its pension bonds in the 2020 fiscal year.
The estimated costs for next year could climb even higher, as represented by the increase between actuarial demands for the pension systems this time last year and what ended up being included in the state’s fiscal year 2020 budget. Additionally, the Teachers’ Retirement System — by far the largest retirement system of the five under state control — actuarial funding policy calls for contributions of $8.3 billion, $3 billion more than called for in state statute. […]
The growth in unfunded liabilities to $137.3 billion during the 2019 fiscal year is “largely due to the continued actuarially insufficient State contributions and lower-than-expected investment returns,” according to COGFA’s report.