Illinois

Can Gov. Rauner Put Illinois Pension Funds in the Black?

If any one state stands out in the race to the bottom of public employee pension insolvency, Illinois would be it. And GOP Governor Bruce Rauner is steeling himself to prevent a collapse.  Rauner, a former private equity fund manager, was elected last November over Democratic incumbent Pat Quinn.  He faces $111 billion in unfunded pension liabilities, or about $8,500 per resident.  The years of greed, corruption and bad luck having taken a toll, the governor and his top fiscal policy adviser, Donna Arduin, have proposed tough measures to reverse course.  So far, they haven’t won any friends among public-sector unions - or the Illinois Supreme Court, which on May 8 sided with the unions in invalidating reforms enacted in late 2013. 

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