State pension deal more politics than reform : Greg Hinz

From start to finish, less than 12 hours.
  Now, the bill that passed clearly will save major coin.  According to the Commission on Government Forecasting and Accountability, the Legislature's fiscal unit, it will reduce the state's pension liability by $119 billion by 2045. That's more than big enough for lawmakers to go home this fall and tell voters that they'd taken a big, big bite out of the state's fiscal woes.
  

only for new workers, the state does nothing with that $80 billion in unfunded liability for current workers

exempts police and firefighters. They happen to get the sweetest pensions around — full benefit retirement at age 50,

Chicago Public Schools to reduce its required pension contribution by $400 million a year for each of the next three years…Chicago teachers retirement fund only had 54% of the assets needed to pay its eventual liabilities

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