Illinois Approves Pension Overhaul

The state has the worst credit rating in the country according to S&P, and its pension crisis was having ripple effects throughout the state. Fitch cited it two weeks ago when it downgraded Chicago's credit rating.

Some have cast the bill, which will among other things raise state workers' retirement age on a sliding scale and introducing a 401(k) option, as an inadequate stopgap. In a lengthy op-ed Friday, Citadel CEO Ken Griffin called it "a fsical death sentence."

He wrote:

"Here is where this story will inevitably end: Our state is going to be forced to break its promises to our government employees and retirees. They will receive less than they bargained for. Our state's taxpayers will see the 67 percent "temporary" tax increase converted into a permanent tax increase. And soon we will hear that even further tax increases are needed to meet our obligations. This is the price we are all going to pay for sending the wrong leaders to Springfield for too many years."

Governor Pat Quinn is expected to sign the bill in the next 24 hours.