Ill. Supreme Court nixes Chicago pensions fix

It’s back to the drawing board for city of Chicago officials working to shrink multibillion-dollar deficits in two of the Windy City’s underfunded pension funds.

That’s because the Illinois Supreme Court on Thursday struck down a state law designed to save the pensions that are short by roughly $8 billion and cover around 61,000 current and retired civil-servant employees.

The stricken law was forcing Chicago to significantly increase its pension contributions while also reducing pension benefits. The impacted employees successfully argued the benefits’ reduction was unconstitutional.

Read more from Crain’s Chicago Business.