State Pension Contribution Requirement Jumps

(Springfield, IL) — Adding to the pressure on the already-squeezed state budget is an increase in the payments to the state pension system of nearly 700-million-dollars. A report by Auditor General William Holland lists the payment, which brings the total state contribution to its pension systems in the year now underway to more than seven-point-five-billion-dollars. One possible reason for the need for the higher state payments is that three of the five pension systems report lower earnings on their investments.