Here Comes "Reform"

A deal has been reached for state pensions, the lions share of Illinois' problems:

• After years of lurches and stops, House and Senate leaders finally struck a landmark pension-reform accord Wednesday that ultimately could shave $160 billion from the state’s future pension liabilities and lift Illinois from its status as the least creditworthy state in the country.
  
  But the deal expected to be voted on next week in Springfield sets up a hostile legislative confrontation with public-employee unions that claim the agreement is unconstitutional.
  
  It also runs headlong into the crosswinds of the 2014 gubernatorial campaign, In which Gov. Pat Quinn is poised to grab a huge legislative prize, and one of his top GOP rivals — private equity investor Bruce Rauner — is said to be trying to tube the plan through back-channels.
  
  A series of secret, closed-door meetings involving the legislative leaders that date back to October culminated Wednesday with a deal to reel in annual, cost-of-living increases current and future state retirees get, lower pension contributions from existing employees and hike retirement ages.

Great - secret, closed door meetings that exclude representatives of the pensioners can only mean fantastic deals are afoot to enrich lawyers suing on Constitutional grounds.

Crain's Chicago Business has coverage here.

Tribune here.

This doesn't directly affect Police pensions, but you know that Rahm is going to use it as a "framework" for things to come.