According to Milliman’s Public Pension Funding Index (PPFI), funded ratios dropped from 74.9% down to 66% from year-end 2019 to March 31, 2020. Illinois’ revenue projections as of May 20 project a 12% tax revenue drop. Not budget cuts, certainly not a willingness to reconsider pension reform — only borrowing and the hope for federal cash. And none of these states’ leaders have found it even worth discussing, to talk about pension reform. But there’s another key, as identified by Bob Conlin, representing the 99% Wisconsin Retirement System, and that’s culture.

Source: Forbes August 23, 2020 16:50 UTC