Illinois quick hits: IL taxpayers have highest pension debt obligations in U.S.

By Jim Talamonti | The Center Square
The Center Square

Report: Illinois taxpayers have highest pension debt obligations in U.S.

According to a new Reason Foundation report reviewing over 300 public pension systems, Illinois leads the nation with over $15,000 per capita in unfunded state and local pension liabilities.

Connecticut ranks second, with $10,000 per capita in pension debt at the end of the 2024 fiscal year. The report found that the Illinois Teachers Retirement System has $83 billion in unfunded liabilities, second-highest of any pension plan in the nation.

Tax credits given to Champaign energy facility

Gov. J.B. Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced the expansion of an energy storage facility in Champaign.

Supported by tax incentives from the state’s Reimagining Energy and Vehicles (REV) incentive agreements, Cache Energy plans to make a $20 million investment and create 20 full-time jobs.

Loan program set up for furloughed federal workers

Illinois State Treasurer Michael Frerichs says he is committing $50 million to fund zero-interest and low-interest loans to unpaid federal workers during the partial government shutdown.

The loans will be issued through participating banks and credit unions across Illinois with money made available through the Treasurer’s linked-deposit program. An estimated 153,000 federal employees live and work in Illinois.