Dan Hynes gave a speech outlining the Pritzker administration's plan for solving the pension funding crisis in Illinois. Not surprisingly, given prior statements, no reform of the pension benefits themselves is on the table. Instead, he laid out a five point plan:First, use the new tax's revenues in part to fund pensions, with an extra $200 million per year beyond legally required contributions. Currently, state law mandates contributions be made at a pace to achieve 90% funding by 2045. Hynes/Prizker's plan is to revise this schedule so that the 90% funding target is deferred for a further seven years.

Source: Forbes February 14, 2019 20:29 UTC