From The Chicago Tribune:
The funds avoided permanent trims of their asset bases last fiscal year because the state borrowed $3.47 billion to make its annual contribution to what is the nation's most underfunded pension system. But legislators recessed this spring without approving a plan to cover this year's pension obligation, and they have balked at Gov. Pat Quinn's proposal to borrow again for that purpose. No movement on the thorny issue is expected before the November elections.† Read more.