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Commercial club joins in on pension problems

Thu, 15 Nov 2012 04:11:11 CST
By: IPR's Amanda Vinicky

Commercial club joins in on pension problems Even as a prominent group of business executives issued a memo saying lawmakers chose to "roll over" rather than address Illinois' pension problems, Governor Pat Quinn expressed optimism it'll happen in early January. A letter to the governor from the Civic Committee of the Commercial Club of Chicago has some scathing sentences. Like one that says "the magnitude of the unfunded obligations, combined with a total lack of political courage to rectify the situation, leads us to believe that our pension systems can no longer be salvaged"   The same day the letter was sent Governor Pat Quinn and House Republican Leader Tom Cross made an unrelated joint appearance. When asked about it, Quinn said if lawmakers put their best foot forward they can pass an overhaul by the end of the legislative session, January 9th:

"We're together on this. And we're I think pretty close. And I anticipate over the next couple months we'll have quite a bit of discussion to iron out the fine points and get it done."
But unions representing state employees earning pensions will do all they can to prevent that. And as for that letter from Chicago's CEOs? Unions and critics say the group has it's own agenda.

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