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Local Illinois pension funding woes raise credit concerns

from Reuters

Illinois’ move earlier this year to withhold state money from cities over pension underfunding has raised a red flag that the practice could endanger bond payments. The credit concerns by rating agencies on Thursday arise from an Illinois law that aims to get municipal retirement systems 90 percent funded by 2040 and that allows the systems to seek state withholding of revenue due municipalities if pension contributions fall below required levels. more

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