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Illinois Bid to Solve $111 Billion Pension Shortfall Is Dead

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The Illinois Supreme Court rejected the state’s solution for its worst-in-the-U.S. $111 billion pension shortfall, handing organized labor a victory while deepening a crisis with national implications.

The court unanimously struck down a 2013 law, saying cuts in cost-of-living increases and a higher retirement age violate the state constitution’s ban on reducing worker retirement benefits.