K-12 Tax & Spending Climate: Illinois’ Pension Disaster

Crains:

There are many paths to failure. But to understand how Illinois’ pension system became the worst in the nation, it’s instructive to look at what happened 10 years ago in the final, hectic days of the annual state legislative session in Springfield.

A dense, 78-page bill aimed in part at curbing pension abuses in downstate and suburban school systems landed in lawmakers’ laps two days before their scheduled May adjournment. One sponsor called it the first “meaningful” reform in 40 years, a reversal of “decades of neglect and bad decisions.” Another predicted that it could save the state up to $35 billion.