Unanimous vote deepens pension insolvency

Illinois lawmakers unanimously approved a retroactive boost to 'Tier 2' benefits for Chicago police and firefighters, adding $11.1 billion to the city’s pension shortfall. Chicago’s CFO says the move will leave those funds under 20% funded—'technically insolvent'—and, due to the state constitution’s non‑diminishment clause, the hike cannot be reversed. — It shows how constitutional protections plus bipartisan politics can accelerate municipal fiscal collapse, signaling future tax hikes, service cuts, or broader contagion to other systems.