According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.

The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.

Reforming future benefit growth via a constitutional amendment is the only way to ensure the retirement security of government workers, protect taxpayer budgets and fulfill the needs of Illinoisans reliant on core services.

Any meaningful property tax relief for Illinoisans means reforming Illinois’ unsustainable public pension system.