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Is Welching On Public Pension Promises An Option For Illinois? An Analysis Of Article Xiii, Section 5 Of The Illinois Constitution, Eric M. Madiar
Is Welching On Public Pension Promises An Option For Illinois? An Analysis Of Article Xiii, Section 5 Of The Illinois Constitution, Eric M. Madiar
Eric M. Madiar
Illinois has the largest unfunded public pension liabilities of any state in the nation. This article considers whether the Illinois General Assembly may, without violating Article XIII, Section 5 of the 1970 Illinois Constitution, unilaterally cut the pension benefits of current public employees as a means to reduce the $96.8 billion the State owes to its five public pension systems. Article XIII, Section 5 (i.e., the “Pension Clause”) of the Illinois Constitution provides that: “Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be …