Gov. JB Pritzker proposed some changes to the state’s pension system during his budget address and State of the State speech last month that will likely please the New York City-based bond rating agencies by giving them something they want, as well as his fellow Democrats by freeing up some money to spend on other things.
 
Every time the state’s credit is rated, the agencies ding Illinois’ notorious pension payment “ramp” devised in the previous century for only reaching a 90% funding level by 2045, instead of the widely adopted 100%. So, Pritzker proposed bringing the state to 100% funding three years later, in 2048.
 
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