Illinois cities prepare for pension diversion law..

Cities across the state with underfunded police and firefighter retirement systems must get payments back on track or risk losing a slice of state tax dollars. Municipal governments are preparing to meet the demands of a 2011 pension law that requires them to fund employee pensions to required levels in 2016 or risk having state grants diverted from their intended purpose into the pension fund. The law is designed to bring pension funds up to 90 percent funded by 2040, and local governments must make payments that will put them on track to do so…Please click here to read Kevin Haas’ story in the Rockford Register Star.