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Illinois:demanding truth in numbers 7/2/2012
New, nationwide accounting rules adopted last week will force public pension funds to disclose that they are underfunded by hundreds of billions of dollars more than they now acknowledge.
The situation is especially grave for Illinois, the state with the most poorly funded pension system. Just how poorly funded, though, will smack taxpayers in the face when these new rules take effect next year. Example: The Illinois Teachers' Retirement System says it has assets to cover only 46 percent of its long-term obligations to retirees. Read Chicago Tribune editorial.