A coalition of labor unions has called Illinois' new pension law "theft." Now they've filed a lawsuit. It comes a day before Governor Pat Quinn is expected to herald the law in his State of the State address.
With the new year comes the annual process of crafting a new state budget. Money will be tight, despite a pension law that's supposed to save $160 billion dollars over the next 30 years.
Legislators who voted to cut state employees' and teachers' retirement benefits say they had no choice. Nearly a fifth of the state budget was going into Illinois' pension systems. Meaning there was less money to spend elsewhere. The pension law is supposed to ease that so-called "squeeze."