When will people learn from messes like this that legislators make and the
states' taxpayers are ALREADY on the hook to pay for, for this type of boondoggle??
Illinois’ pension liability as a percentage of state revenue is far and away the nation’s highest, according to a new report from a major credit-rating agency.
The state’s three-year average liability over revenue is 258 percent, Moody’s Investors Service says.
The next closest? Connecticut, at about 200 percent.
The Moody’s report averaged the Illinois percentage from 2010 through 2012. In 2012 alone, the state’s rate was 318 percent.
The state has a $100 billion deficit in the amount of money that should be invested in the portfolios of five state-employee pension accounts. Lawmakers adopted an overhaul plan last fall that cuts benefits and increases worker contributions to significantly cut that debt.
But the law has been challenged in court……"
http://politics.suntimes.com/article...09062014-848pm