Massachusetts As of June 30, 2020, the report stated, the total unfunded liabilities of the state’s five pension systems stood at $317 billion, a 19 percent increase from the prior year. 4. Like New Jersey, the biggest problem in Illinois contributing to the debt is billions of dollars for retired government workers' pensions and health insurance benefits. Report: Illinois’ Pension Debt Exploded In 2020 Mar 4, 2021 @ 11:53am Published 10:31 pm CST, Friday, March 5, 2021 That cost was 261 billion in 2019, as of the end of 2020 the unfunded promises reached 317 billion. Illinois’ long-term debt has passed a grim milestone. By Peter Hancock, Capitol News Illinois. In Illinois, hundreds of billions of dollars in pension debt are dragging residents and the government at every level, under water. Moody’s Investors Service yesterday said the total price tag for Illinois unfunded pension promises is now over 300 billion-dollars. SPRINGFIELD – A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation. Illinois’ pension debt tops $300 billion — highest in the nation. Rating firm Moody’s Investors Service announced Wednesday that Illinois’ adjusted net pension liabilities (ANPL) spiked 19% in 2020 … Moody’s Investors Service yesterday said the total price Illinois’ debt picture got a lot worse in 2020. This creates a debt ratio of 468.7%, the largest in the U.S. To pay that off, every person in Illinois's 12.7 million population would need to pay $14,780. The $317 billion shortfall is more than double the state’s official debt estimate of $144 billion . Report: Illinois' Pension Debt Tops $300 Billion ... With the state’s gross domestic product, or GDP, estimated to have fallen 2.5 percent in calendar year 2020, that pension liability amounts to roughly 37 percent of the state’s total economic output, up from a range of 28-32 percent over the previous four years. Moody’s blames low interest rates for the spike in debt. Illinois’ debt picture got a lot worse in 2020. By PETER HANCOCK Capitol News Illinois phancock@capitolnewsillinois.com SPRINGFIELD – A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation. As of June 30, 2020, the report stated, the total unfunded liabilities of the state’s five pension systems stood at $317 billion, a 19 percent increase from the prior year. In total, Illinois’ long-term debt from borrowing, pensions and retiree health is expected to equal 48 percent of the state’s GDP in 2020, up from 38 percent the year before.