Illinois’ pension debt jumped another $3 billion in March, while a new analysis shows that the state’s public employees are taking on more debt than ever before.
The Illinois Department of Financial and Professional Regulation (DFRP) said on Tuesday that the average pension debt in March rose 2.7% to $2,074 billion.
That compares with an average increase of 2.5% for the previous three months.DFRM says that the total public employee pension debt has increased by nearly $2.7 billion since it began tracking the debt in 2014.
That amounts to $1,000 in additional borrowing for every Illinois worker.
Illinois’ total pension debt stands at $10.8 billion.
That means Illinois’ public employee workers are spending nearly twice as much as their federal counterparts on their pensions.
The average pension cost for Illinois public workers in the fourth quarter was $10,878.
That’s up from $9,948 in the same period last year.
The latest data also shows that Illinois’ new pension debt may be a lot more than a new record.
Illis pension debt increased by $6.5 billion during the same time period, which would mean that a new new record of $8.2 billion would be required to balance the state budget.
In March, the state issued a $2 billion bond to finance the state government’s pension plan.
The bond was sold for $2 per dollar of revenue and was supposed to be repaid by 2023.
But that deadline has passed, and the state has been forced to delay payments on the bonds until 2040.
Ills pension debt remains a high-risk investment, as it has grown in recent years.
For example, in 2014, the average yield on bonds in the state was 6.0%, but it has increased to about 8.5%.
That’s because the state is spending the money on pensions instead of the general budget, which is supposed to provide funding for schools and public services.
It also means that the bonds are far less attractive to private investors, as most are issued by banks.DMR says that state debt has doubled in five years.
That means that over the past five years, the value of Illinois’ pension assets has more than doubled.
Illis pension assets totaled $5.9 billion at the end of March, up from about $2 million at the beginning of the same quarter.