Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.

Several bills that enhance Tier 2 state worker pension benefits, reduce retirement ages, allow for large end-of-career lump-sum payments and other pension sweeteners are moving through the Illinois General Assembly. They appear to be heading for a vote.

A commission reported $1.4 billion is needed from taxpayers as soon as 2035 to fix the state funding drop at Illinois public universities. Instead, they should be pushing for pension reform.

Every Illinois public university received about one-third less operational funding from the state in fiscal year 2024 than 15 years ago. University of Illinois spending per student dropped by nearly half.

Illinois’ institutions of higher education will get nearly $530 million less from lawmakers to run this year than they did in fiscal year 2009, adjusted for inflation. Coupled with rapidly rising pensions, students and their families can expect ever-higher tuition costs.

Unfunded liabilities for Illinois’ five statewide pension systems grew by $2.5 billion in a year, hitting its second-highest level since 2009. Researchers attributed most of the growth to “larger than expected salary increases.”

Gov. J.B Pritzker has touted his record on higher education funding, even hinting many students should be given free tuition, but pensions are driving up tuition and eating state university funding. Pritzker refuses to tame that beast.

Illinois lawmakers might borrow $1 billion to extend pension buyout programs until 2026. Experts warn the efforts have been a disappointment and will do little to ease Illinois’ worst-in-the-nation pension crisis.

Illinois’ pension debt is the highest of any state. An easy fix to state law would start the Tier 3 retirement program, saving $577 million while workers gain options.