The Illinois Policy Institute and the Manhattan Institute for Policy Research have launched a “pension calculator” that purports to show how much money private sector workers would need to save toward retirement in order to match government pensions.

The link here takes you to a web page that has a box for calculations on the left side. Questions walk users through a series of decisions about what categories they would work in if they were state employees or lawmakers.

In my own case, I learned that I would need to save about $825,000 to match the lifetime annuity offered to a state worker.

There are some things the website does not factor into the calculations. For instance, a private sector 401(k) is not limited to monthly disbursements. It can be used in part or in whole at its owners discretion.

What the calculator does is assign an average lifespan to the government worker. Females have a longer expected retirement. But if a government worker dies a year after retirement, the pension can stop or be reduced, depending on the situation. A 401(k) remains the property of the retiree’s estate.

Another point that state pensioners make is that they pay into their pension plans at rates of 8 to 12 percent. They have no option to adjust their contribution in the same way 401(k) holders can. It is state lawmakers who underfunded the pension program by skipping or reducing the employer’s matching contribution, workers say.

Figure the legislative pensions on the calculator if you want an eyeopener.

When Moody’s downgraded the Illinois general obligation bond rating from AAA to AA last Friday, it set the stage for a costly problem for the state.

With Gov. Pat Quinn planning to borrow $800 million in the near future, the interest rate will have an impact.

Quinn said in a release that Moody’s downgrade was an “outlier decision” because Fitch and Standard & Poor’s both expressed concerns but did not downgrade the state’s ratings.

Quinn also hinted that state workers may need to give up something to help the state return to financial health.

“I think that’s the only way to have a sort of shared sacrifice, to make the system solid. You can’t have the whole system imploding,” Quinn told reporters.

Treasurer Dan Rutherford said in a video the state may have to pay an additional $60 million for the proposed sale of $800 million in bonds.

Illinois Comptroller Judy Baar Topinka said the rating does not mean there’s a danger the state will miss payments.

“As the state’s chief financial officer I can reassure the bond community that the first payment we make each month is to our bond holders,” Topinka said.

The U.S. Chamber of Commerce has released a top 10 list of the most ridiculous lawsuits of 2011.

Topping that list was the man, convicted of kidnapping, who sued his victims for not helping him evade police.

Here are the other notable lawsuits:

• Man illegally brings gun into bar, gets injured in a fight, then sues bar for not searching him for a weapon.

• Young adults sue mother for sending cards without gifts and playing favorites.

• Woman disagrees with store over 80¢ refund, sues for $5 million.

• Mom files suit against exclusive preschool over child’s college prospects.

• Man suing for age discrimination says judge in his case is too old.

• Obese man sues burger joint over tight squeeze in booths.

• Woman sues over movie trailer; says not enough driving in ‘Drive.

• Passenger’s lawsuit says cruise ship went too fast and swayed from side to side.

• Mother sues Chuck E. Cheese – says games encourage gambling in children.