Illinois Governor Pat Quinn signed a pension bill into law on Nov. 5 in an effort to restore the state economy. The state's pension system is more than $100 billion in debt and set to owe $374 billion in pension payments over the next 30 years, according to The Washington Post.

The law would save about $160 billion over the next 30 years by reducing cost-of-living increases to current workers. It would also require current workers to skip up to five annual cost-of-living adjustments when they retire.

The new measure would create a benefit plan much like a 401(k) that workers could choose instead of pension.

Public employee unions oppose the measure, saying they would being preparing a lawsuit challenging the constitutionality of the law, according to The Chicago Tribune. The We Are One coalition of unions called the law "attempted pension theft." A clause in the 1970 state constitution defines public pensions as an enforceable contract with benefits that cannot be reduced.

The group also said the politicians responsible "chose to violate their oaths of office," and ignore the law.

Documenting employee time helps ensure retired workers receive commensurate benefits for hours worked. In addition, to maintain compliance with the Fair Labor Standards Act, it is necessary to keep accurate payroll records.

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