From what I have read this is not going to solve the problem. Illinois is in so far over it's head on this issue there is probably no way out but going further into borrowing to pay what they promised employees. Ken
See below...
Illinois, which has the worst credit rating of any state in the country, has set aside only 40% of the funds it needs to pay the pensions it promised current workers and retirees. Today, 20 cents of every tax dollar goes toward pension obligations -- up 400% from two decades ago, according to a recent report from the Pew Charitable Trusts.