A new audit of Illinois pensions shows their unfunded liability has crossed into new territory. It's no longer almost or about – it's more than $100 billion.  The auditor general’s report released Wednesday indicates the five systems' liability grew 6.3 percent – $5.9 billion – in the fiscal year which ended June 30, 2013. The new total is $100.5 billion.  It's not a surprise to one of the legislature's main pension negotiators, State Rep. Elaine Nekritz (D-Northbrook), who says the calculations have been “smoothed” for the last five years.
 
Click here for summary
 
“You take an average of the value of those assets over five years rather than at a point in time,” Nekritz says. “The reason you do that is when the stock market dropped – what was it, 25, 30 percent? – that was a very significant hit (which) I didn't think really reflected the long-term value the assets that were held in the pension funds.”
 
(Copyright WBGZ / www.AltonDailyNews.com )