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. That was largely due to historically low interest rates, which have depressed pension fund earnings throughout the country. 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. When combined with other long-term liabilities, including retiree health care and bonded indebtedness, Moody's estimates the state's total liability ratio will amount to 48 percent of GDP for the fiscal year 2021 reporting cycle.