Illinois governor signs pension overhaul into law The bill effectively cuts $160 billion from Illinois' pension fund obligations while ensuring the state will be able to meet all its obligations to retirees and eventually will be able to fully fund the state's pension plans. Illinois' pension fund crisis has led to three downgrades of the state's credit rating and has caused a massive underfunding of such programs as public education and social entitlements. Naturally, unions claim the law violates the Illinois constitution and intend to challenge it in court. Quinn is to be commended. He has repeatedly challenged the unions, and has gone on record multiple times stating that Illinois cannot continue to dedicate its resources to such a singular segment of pensioners.