Mon August 6, 2012
Quinn calls for pension reform, warns of consequences
Governor Pat Quinn says without a retirement system overhaul, Illinois will spend more on pensions than education in the next five years. Quinn's office says under current projections, required state pension contributions will rise to over $6 billion in the next few years if no reform is enacted.
Quinn supports a plan to make many school districts pay their own retirement costs., but critics says it puts too much of the burden on individual schools and will likely to an increase in property taxes.
The Governor's office estimates schools would pay $49 million in new pension costs for the 2014 fiscal year. Without reforms, those same districts would see their budgets slashed by $152 million. Quinn has called a special session dedicated to pension reform on August 17.
Chicago Sun-Times: Republican reaction to Quinn's pension session