lol they ran to Illinois? Wonder if they would move?

[kiryan]

basically, illinois pension system is the most underfunded in the nation, pensions are protected by the state constitution and the governor recently suggested they needed a federal guarantee (but retracted it)....

and the Wisconsin Democrats fled to Illinois lol? Who just rushed massive (66% or so) tax increaess in before the new legislature was sworn in couple months ago? Wonder if they'd consider moving there permanently. I mean help a brother out.

oh and btw "Many employees in the Wisconsin retirement system contribute nothing to their pensions. Illinois teachers now contribute as much as 9.4%"...

http://online.wsj.com/article/SB1000142 ... NewsSecond

it remains unclear whether such strategies would fix the Illinois system, which is 45% funded. That makes it the most under-funded state plan in the U.S., according to Moody's Investor's Service.

Gov. Pat Quinn created a stir when he said in his budget proposal last month that the state may need a "federal guarantee" of its pension funds—a reference his office now says was a mistake.

Illinois has stringent constitutional protections for pension benefits, according to several legal experts. Critics say these proposals will go only part way in erasing the $82 billion unfunded pensions liability that is projected to grow to $139.8 billion in 2030

The legal memo prepared for Mr. Cullerton says the state constitution ensures pension payments will be made, even if the funds run dry.

[Corth]

Illinois is a freaking mess. It's a matter of time before they run to the WH asking for a bailout. They can't even pay contractors who do work for the state - many of whom have stopped doing the work until they get paid. And those massive tax increases they passed will not plug the gap. No free lunches.