Funded ratio for the state’s 671 funds drops to 47.9%.
SB 1947 to provide relief for cash-strapped school districts as well as employee retirements.
Report says pension plans deepen school funding inequities.
Various loopholes could neutralize objective.
Pension reform bill now goes to Illinois House, requires three-fifths majority vote.
Urges General Assembly to make “historic changes” to state education funding.
Steps include speaking with rating agencies in New York, implementing $6 billion in bonding authority.
Downgrade would place the state’s credit rating below investment grade.
Bills include provisions for shifting to defined contribution from defined benefit plans.