Make no mistake, this is a bi-partisan failure. Republicans in Illinois have been AWOL on this issue for many years. From Crain’s Chicago Business:
The 97th Illinois General Assembly ended this week with legislators scurrying to come up with a last-minute, long-overdue fix to the state’s public employee retirement systems. According to the U.S. Census Bureau’s latest Annual Survey of Public Pensions in fiscal 2011, Illinois had $89.29 billion in total cash and investments to cover $175.59 billion in obligations to current and future retirees.
By that count, the Land of Lincoln has a 50.9 percent funded ratio — worst among the 50 states.