A major overhaul of Illinois' pensions is now law. Gov. Pat Quinn held a private bill-signing ceremony this afternoon in Chicago. A court challenge seeking to stop it from taking effect is certain.
The new law will cut state workers' and public school teachers' retirement benefits.
It also raises the retirement age; employees younger than 46 will have to work up to five years longer before they can retire. The savings from those changes are intended to rid Illinois of a long-festering budget issue: an unfunded pension liability that's grown to about $100 billion.