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School tax swap not part of pension vote

Wed, 08 Aug 2012 06:26:01 CDT
By: AP

     A vote on a bill to overhaul pensions for state employees will go ahead at the Illinois Legislature's special session this month. House Speaker Michael Madigan has reportedly decided to allow the vote August 17.   The House bill, however, doesn't address the thorny issue of shifting pension costs for public school teachers from the state to school districts. That's a key component of Governor Pat Quinn's proposals. Instead, it would only change pensions for two of the state's five retirement systems. The bill already passed in the Senate. Illinois faces at least $83 billion in unfunded pension liability, and credit rating agencies have threatened to lower the state's rating unless lawmakers ease the strain on the budget.

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