. . . and the pension crisis in Illinois.
An excerpt from the City Journal article:
The problem that Illinois faces, however, is that what constitutes a pension “promise” there goes beyond what courts elsewhere, including federal courts, have ever considered binding. In the private sector, where pensions are governed by the Employee Retirement Income Security Act, federal courts have consistently ruled that while workers are owed the pension money they’ve earned for work they’ve already done, employers may alter the rate at which workers earn new benefits. That’s generally true for many state public-sector pension systems, too.
[Photo by Rye Jessen at Unsplash]