Municipal restructuring expert James Spiotto stated in an article in The Bond Buyer that,
“Reasonable adjustments to make pension benefits sustainable and affordable are not a diminishment or impairment, but rather are the recognition of the limited revenues.”
Mr. Spiotto went on to say,
“The Illinois Pension Clause does not specifically state that pension obligations shall be paid under all circumstances even to the exclusion of the full funding of necessary services for the health, safety and welfare of the people.”
