CHICAGO — The health of Illinois’ pension system continued its downward spiral in the last fiscal year when unfunded liabilities rose by more than $11 billion and the funded ratio deteriorated to 40.4% from 43.4%, according to a review conducted by the Civic Federation of Chicago.

The state’s unfunded liabilities rose to $94.6 billion in fiscal 2012 which ended June 30, 2012 from $82.9 billion in fiscal 2011, according to the federation which tracks local government and state tax and spending policies.

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