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Pensions dominate budget

Mon, 04 Mar 2013 04:39:57 CST

     Illinois Governor Pat Quinn is scheduled to present his budget address in Springfield later this week:


"Obviously our pension reform will be part of the address, the need for getting that done right and getting it done now."

Illinois is reported to have the worst-funded pension system in the country, and has about 97 billion dollars in unfunded obligations. Quinn has said the pensions are unsustainable. He also says the pensions take money away from other key government services. Legislative leaders still have not agreed on one encompassing plan to restructure the state’s five main pension systems, despite years of debating various proposals.

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