Fri September 14, 2012
Cullerton Says No Pension Vote Until 2013
Another top Democrat in Springfield says any action on a pension overhaul will have to wait until early next year. Illinois Senate President John Cullerton says a vote on a plan to overhaul the state's troubled pension systems will probably come in January.
The Chicago Democrat says they don't have enough votes to pass changes now. That's despite Governor Pat Quinn calls for action. Cullerton says that will come when it's clear who will stay in office and who will go. Democratic House Speaker Michael Madigan recently offered a similar prediction about the pension timeline.
Last month, Standard & Poor's lowered Illinois' credit rating because of pension funding levels and lack of action on an overhaul. The firm also said the state's financial outlook is negative, in part because the state's temporary income tax hike is scheduled to expire in 2015.
A Quinn spokeswoman says the governor is ``disappointed'' by Cullerton's assessment of pension reform prospects.