While magic does occasionally happen in political circles – such as this week's out-of-the-blue, last-minute temporary fix for the fiscal cliff (and its small pieces of good news for Roth 401(k) conversions) – occasionally decisions made at virtual gunpoint don't come off as planned.
The longest saga in the American DB world, Illinois and its faltering state pension plans, faces an imminent deadline next week as a new cast of elected officials are set to be sworn in on Jan. 9 and the state's legislative clock is reset.
The Chicago Tribune reports that Gov. Pat Quinn and the soon-to-be-somewhat-redundant 2012-era leadership will be meeting this weekend trying to hammer out the details and come to a fiscal cliff-inspired solution for the state's pension deficit, the largest in the continental United States.
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