Illinois’ body parts likely to be divided among pensions and bondholders — WirePoints Original
December 6, 2012 Legislators in Springfield and public worker unions have said regularly that any pension reform measure should include a guaranty mechanism assuring that the state’s contributions to pensions actually get made. The pension reform proposal put forth today by a group of legislators headed by Senator Nekritz includes such a provision to intercept state cash and divert it to pensions. Details are sketchy, but the mechanism will probably be in the form of legislation that automatically appropriates the money and establishes a payment priority over other state obligations (other than bonds, discussed below), all of which would be