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Mon December 31, 2012
IL Drags Its Feet on Pension Problem
With its pension funds are the most underfunded in the U.S., and a shortfall approaching $100 billion, Illinois lawmakers will meet again next week in hopes of fixing the problem. Solutions other states adopted as long as five years ago are on the table. They include higher retirement ages, asking workers to contribute more and switching to 401(k)-style plans.
Critics blame Illinois' situation on procrastination, budget gimmicks and using state employees' retirement funds as a credit card.