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Wed June 6, 2012
Illinois Lawmakers Try to Tackle Pension Again
Illinois officials are trying to figure out how to finish cutting the state’s pension costs. Lawmakers came close to an agreement last month, but it was derailed by personal conflicts, policy disputes and the deadline for ending the spring legislative session.
Governor Pat Quinn and legislative leaders plan to continue negotiations today. The biggest dispute is over whether to make schools take over the cost of pensions for their employees. The state pays those expenses now. Public-sector retirement systems in Illinois are an estimated $85 billion dollars short of the money they'll need in decades ahead.