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Thu July 19, 2012
Quinn says Solving Pension Problem is Imperative
Illinois Governor Pat Quinn says solving the state's pension problem is imperative, and he's warned lawmakers not to go anywhere next month. Illinois has eighty-five billion dollars in unfunded liability when it comes to its pension systems.
Although the amount continues to grow, attempts at reform have been unsuccessful. Legislative leaders met last month to find a compromise on who should pay retirement costs for downstate and suburban schools. But talks waded into school funding equality, and leaders asked for more time. Republicans say making districts pay retirement costs is a separate issue. They'd rather first pass a pension reform plan that appears to have wide support. But Quinn and House Speaker Michael Madigan want a comprehensive deal including schools.