Gov. Quinn signs new law to overhaul pensions

In an uncharacteristically private ceremony, Illinois Gov. Pat Quinn signed a new law last week intended to overhaul the state’s underfunded pension system.  The law, designed to save the state about $160 billion over the next three decades is expected to be challenged by labor unions.  The law will cut benefits for employees and retirees when it takes effect on June 1.  Even though Gov. Quinn claims this law as a victory, many see it as doing more harm than good.

For more details and the full story read, “Illinois governor signs pension overhaul into law.”