The Chicago Pension Scandal: $100,000+ Teacher Pensions Costing Taxpayers $1 Billion | Zero Hedge

http://www.zerohedge.com/news/2016-04-24/chicago-pension-scandal-100000-teachers-pensions-costing-taxpayers-1-billion

Illinois is completely insolvent, and in large part due to enormous pension liabilities which as of December were underfunded to the tune of $111 billion

 $1 out of every $3 collected by the Illinois income tax now goes toward retirement annuities. That’s the equivalent of all income taxes paid by 2 million Illinois taxpayers every year.

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