By Elizabeth Bauer, includes “… Illinois, after all, implemented ‘Tier 2’ pensions for workers hired in 2011 or later, with cuts so drastic, for teachers, at any rate, that, on the asset-return discount rate basis used in the valuation, new participants pay more in contributions than they receive in benefits — that is, the ‘employer normal cost’ is negative. … And politicians are quite willing to pat themselves on the back about these changes. …”