"A Tribune review of legislative changes pushed by city officials and union leaders during the last 15 years found that laws governing city pension funds' contributions and benefits have been changed nearly 40 times, often with little discussion of the financial consequences.
In most cases, pension fund managers had no idea how much the changes ended up hurting them. But in 10 that the Tribune was able to track, the long-term impact on pension funds was more than $3.6 billion.
Those losses, together with Illinois' fundamentally flawed pension funding process and poorly performing investments, have driven the unfunded liabilities of the eight pensions funded with city tax dollars from about $3.3 billion in 2000 to at least $20 billion — a staggering 500 percent increase.
Even if all retirement benefits were cut off today, every man, woman and child in Chicago would owe more than $7,000 to cover obligations already incurred — an amount that doesn't include state pension debt of about $60 billion" - Chicago Tribune
Is Danville next ? I think it's time to review and revise all public guaranteed pension plans.
http://link.chicagotribune.com/r/KCUBQP/YYGHC/DKG0LS/EYBAS/DWLOKT/LE/t?a=11&b=17&c=10