Mayors across the state of Illinois are urging legislators to overhaul police and fire pension plans to alleviate the financial burden on local governments.

The city reached agreements two days ago with its two pension systems, after settling with some bondholders last week.

The unit will reportedly be headed by Kent Hiteshew, a veteran public-finance banker at JP Morgan Chase.

Will our retirement system create the message to new workers that working for the man, whether hes in the private or public sector, is a losing proposition?