Northwestern University News  ()  () The Mess in Illinois and the Public Trust Case for Pension Reform Pension crisis in Illinois perhaps the most dramatic in the U.S. text size April 25, 2016 This article was originally published on the on April 25, 2016. By David A. Dean Public pensions are wildly underfunded in many political jurisdictions across this country. The pension crisis in Illinois is perhaps the most dramatic: Illinois municipal bonds are treated as “junk” by the markets for good reason. How and indeed whether Illinois successfully undertakes pension reform and puts its financial house in order is important for Illinois, but also for the other States and localities with underfunded pension obligations, because Illinois is, in a sense, the canary in the coal mine. And one issue
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