Report: State and local pension plans have $1.48 trillion in debt

Warnings of higher IL property taxes heard as pension bill advances – Center Square

Northwest Municipal Conference Executive Director Mark Fowler said in the first year alone, the measure would cost local taxpayers tens of millions of dollars extra. “In some communities, local taxpayers could face the equivalent of a 10 percent property tax increase to fund the pension benefit increases proposed in Senate Bill 1937.”

Report: State and local pension plans have $1.48 trillion in debt

Public pension systems in the United States saw a decrease in unfunded liabilities in 2024, dropping from $1.62 trillion to $1.48 trillion, a 9% decrease, Reason Foundation’s 2025 Pension Solvency and Performance Report finds. This was primarily driven by the higher-than-expected investment returns in the 2024 fiscal year. State pension plans continue to carry the majority of the nation’s public pension debt, holding $1.29 trillion in unfunded l…