On May 8, the Illinois Supreme Court unanimously ruled the state's pension reform law passed in 2013 is unconstitutional. The law reduced cost-of-living adjustments, capped pensionable salaries and raised retirement ages in an attempt to fix the worst-funded pension system among U.S. states.
In the past 10 years, Illinois' accrued unfunded liabilities have grown to more than $111 billion in 2014 from $38 billion.
