Illinois Gov. Pat Quinn has signed into law a sweeping overhaul in the state’s underfunded pension system that’s aimed at closing a $100 billion shortfall.
As we reported earlier this week, the legislation is almost certain to face legal obstacles from public employee unions that oppose it.
Illinois’ pension system is considered the worst-funded in the nation, and the law signed on Thursday would push back the retirement age for workers who are now 45 or younger. It would also trim an annual 3 percent cost-of-living increase and give workers the option to freeze their pension and start a 401(k)-style defined contribution plan.
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