In the zero interest landscape that the FED has fostered, for years, in an unsuccessful attempt to stimulate economic growth, which has only fueled excessive debt and an inflated stock market, pension funds in all states have suffered. In many states, legislators have desperately raided pension funds. Illinois being one of the worst.
When the value of money is near zero, it creates risky mal-investments, asset bubbles, and pensions with increasing payouts and declining revenue in dire straights. 
The present money card game of confidence will some day have to reckon with the immutable laws of math, but until then the fumes of confidence, skewed statistics, and the normalcy bias may take us down the road for years.