Illinois Supreme Court strikes down Chicago pensions plan

In this Dec. 3, 2013 photo, Illinois Speaker of the House Michael Madigan, D-Chicago, speaks to lawmakers during a Pension Committee hearing at the Illinois State Capitol in Springfield Ill. The Illinois Supreme Court struck down a state law designed to narrow multibillion-dollar deficits in two of Chicago's chronically underfunded pension funds. The law was aimed at rescuing two chronically underfunded pension programs that cover about 61,000 current and retired municipal civil servant workers. It reduced pension benefits and required significantly higher city contributions. Affected workers sued, saying the law violated the Illinois Constitution's protection against reducing promised benefits. (AP Photo/Seth Perlman)SPRINGFIELD, Ill. (AP) — The Illinois Supreme Court dealt another devastating blow Thursday to the state’s impatient attempts to control its ballooning public pension debt by striking down a state law that would have cut into an $8 billion hole in two of Chicago’s employee pension accounts.

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