The economic capital of Illinois and the Midwest, Chicago holds the dubious distinction of having the worst-funded public pension system of any major U.S. city.
In Illinois, public employees still have their defined-benefit pensions. Unions still negotiate and collect dues. And little public blame has been heaped on labor for the state's financial problems.
The sponsors of a new proposal to fix Illinois' pension crisis say the plan would save the state $2 billion and reduce its unfunded liability by $30 billion next year figures they hope will improve the plan's chances at the state capital.