...Illinois’s three largest pension funds will run out of money by 2018 if no further reform measures are enacted.It's probably a good idea, but I don't think it will fly.
Such an event, Mr. Rauh said, “threatens to bankrupt the state on a 10-year horizon.”
The reforms do not go far enough, Mr. Rauh added. For example, current employees have earned the pension benefits they have accrued up to this point, but it would be legal, he said, to reduce pension benefits for any future work.
Wednesday, April 28
Joshua D. Rauh, a Northwestern University economist and an expert on how states finance their pension systems estimates