Illinois Gets $1 Billion Surprise as Pension Obligations Jum

Illinois Gets $1 Billion Surprise as Pension Obligations Jum

John Zich/Bloomberg

W. James Farrell, former chief executive officer of Illinois Tool Works Inc., left, particiaptes in a panel discussion with, from left, R. Eden Martin, president of the Civic Committee of the Commercial Club of Chicago, Lester Crown, chairman of Henry Crown & Co., and Tyrone Fahner, former chairman of the management committee at the Mayer, Brown, Rowe & Maw law firm, in Chicago. Illinois, the second-lowest-rated U.S. state after California, must fend off a "financial implosion" as its unfunded liability for retiree benefits threatens spending for other services, a group of community leaders warned.