The problem for many public employee pensions is that they federal safety net doesn't provide enough benefits for public employees.
When United Airlines went bankrupt may pilots, who were use to 6-figure salaries and were expecting similar pensions found out that they couldn't live the lifestyle they expected under PBGC payouts.
Say what? They don't want a lifeline or safety net that was made available for others? Oh, my they are privileged people. Look what we the tax payers are willing to do that isn't good enough.
“....PBGC’s guarantee is based on a pension for each year of service a person earns under his or her pension plan. As a monthly benefit amount, we guarantee a payment equal to:
100% of the first $11 of the plan's monthly benefit rate, plus 75% of the next $33 of the monthly benefit rate,
times the participant's years of credited service.
If the plan provides a benefit of more than $44 per month per year of service, the guarantee disregards that higher level.
PBGC’s maximum monthly guarantee, therefore, is $35.75 per month (($11 x 100%) + ($33 x 75%) = $35.75) times a participant's years of credited service.
The guaranteed benefit is not adjusted for inflation or cost-of-living increases.......”
https://www.pbgc.gov/about/factsheets/page/multi-facts
So the issue is public employees and Illinois don't want to either fund the public employee benefits or claw back some of the benefits State & local government gave to public employees. If the State can't pay, then there is a default organization in place. However it pays even less. The obvious solution is “Uncle Sugar.”
I hope Congress can just say NO.
It's our job to insure they just say no.