With nearly $214 billion in state and local pension debt threatening both retirees and government finances, Illinois needs a new path forward. Here are five principles to guide the state, protect taxpayers and safeguard public servants.

Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.

Illinois is at risk of getting in costly trouble with the federal government over its Tier 2 public employee retirement benefits. Here’s a solution that doesn’t make the state’s monstrous public pension debt even worse.

Several bills that enhance Tier 2 state worker pension benefits, reduce retirement ages, allow for large end-of-career lump-sum payments and other pension sweeteners are moving through the Illinois General Assembly. They appear to be heading for a vote.

Despite taking up 20% of the state’s general funds and $11.6 billion in total, experts said lawmakers still underpaid the five statewide government retirement plans.

The proposal by state Sen. Robert Martwick is intended to fix a technical problem with the Tier 2 pension system, but Martwick said he doesn’t know how much it could cost taxpayers. He said it could be “billions.”