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Illinois will need to contribute $9.8 billion to its five state pension systems during the 2021 fiscal year, according to new actuarial estimates published last week, representing a $538 million increase in pension costs from what the state is paying to the five systems in the 2020 fiscal year.
In 2012, Gov. Pat Quinn’s administration created “Squeezy the Pension Python” as part of its marketing plan to win public support for a pension overhaul law that would cut benefits to state retirees. [Screengrab from YouTube]
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