Illinois is getting hammered by underfunded state pensions.
We just got whacked by the Illinois Supreme Court on what amounted to a 2 tier system proposal.
I always wondered why the pensions weren’t funded by buying annuities.
Because if the funds were placed in annuities the State wouldn’t be able to play with the money. As has happened in many states instead of investing in safe areas they bought junk bonds, invested in Politicially correct projects like green energy etc.
It has been a slush fund for many States and the politicians that ran them. When the time comes to pay the retirees they all point to the Workers as greedy and not the corrupt Politicians that either didn’t fund the retirement system as they were supposed to or played a John Corzine with the money.