Tue June 19, 2012
Governor signs pension bill, but it's not the overhaul he wants
Illinois' pensions systems will get more scrutiny under legislation signed by Governor Pat Quinn. The bill calls on the state to hire an independent actuary.
The person will evaluate the five public pension systems. It's a far cry from the comprehensive changes Governor Quinn has been pushing for, which would cut state employees' retirement benefits:
"I just want to reiterate that this has to be the year of pension reform, once and for all, in our state of Illinois. It's long in coming -- frankly, long overdue" Quinn said.
Top Democrats and Republicans agree on reducing pension costs. But they're divided over who should pick up the tab for university workers and public school teachers. Quinn and Democratic House Speaker Michael Madigan want to shift the funding burden to the local level. Republicans say that would lead to tuition hikes and property tax increases.