Especially important: the shortfall in annual contributions needed to keep a pension fully funded — the “ARC.”

“There almost needs to be a bold statement saying the state is not paying 100 percent of its ARC payments,” one pension expert said. “

He cites a December 2011 offering statement for $72 million of bonds issued by the University of Illinois. Nowhere does it detail the shortfalls in state contributions to the university system’s pension fund in recent years.”

We’ll be looking, too.