Although the pension fund for state employees predicted it would earn $850 million in fiscal year 2012, it actually earned less than $6 million. The fund posted an investment return of just 0.05 percent, far below the 7.75 percent it expected.
Illinois credit rating received a warning today from Fitch Ratings. What Fitch cited as the ongoing inability of the state to address its large and growing unfunded pension liability means a rating downgrade is likely unless reforms are passed within s
With the last procedural hurdles cleared, Senate Bill 1556, also known as the "management" bill, will be presented to Gov. Pat Quinn and is expected to receive his signature.
For years annual pension costs have been crowding out spending on education, health care and public safety. Now, Illinois legislators are looking to lock that in.