Pension Pains: States Cut Benefits to Skirt Massive Funding Shortfall

Dan Montgomery doesn't have many kind words for his elected officials. The high school English teacher from Skokie says Illinois politicians spent years neglecting their obligations to the state's public pension funds and now want workers to foot the bill. "It's terrible," said Montgomery, who has been teaching for 17 years. Illinois recently cut benefits and raised retirement ages for public employees in order to cover a $78 billion shortfall in its public pension fund. "We really fought...Full Story