A new report from an Illinois nonprofit research organization suggests that the state should eventually look to refinance its pension-related debt – for the good of Illinois and its citizens.
The report by the Center for Tax and Budget Accountability notes that by increasing contributions to the pension systems over what is required in early years, and then refinancing the pension debt of the state thereafter, Illinois could simultaneously help to fix its five distinct pension systems while saving taxpayers an estimated $62.8 billion between now and 2045.
As Sarah Wasik, CTBA’s Senior Research and Policy Analyst noted, “Any business that could refinance debt and save billions of dollars would do so. It makes sense for the state of Illinois to do the same and take the opportunity to refinance its pension debt, so it can save billions of taxpayer dollars.”
