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Pension reform, Illinois style: Legislation to 'fix' the Tier 2 problem

On the long list of things wrong with Illinoisโ€™ pension system, thereโ€™s one problem that canโ€™t be ignored: Tier 2 pension benefits are increasingly likely to fall short of minimums under federal rules. If that happens, the sponsoring unit of government would face huge, new liabilities. Those facts have long been widely agreed.
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