Quinn: $5 Million a day for inaction on pension reform - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Quinn: $5 Million a day for inaction on pension reform

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The state of Illinois has released its latest projection of the growth in the state's unfunded pension liability which is now $5 million a day.

The previous projection, released in November 2012, pegged the daily growth at $17 million a day for fiscal year 2013.

"The people of Illinois are continuing to pay a steep price of $5 million a day for legislative inertia on pension reform," Governor Pat Quinn said. "We must stop this bleeding. Legislators must work around the clock to put a bill on my desk that erases the pension debt for the greater good of the people of Illinois."

According to Quinn, the pension squeeze already has forced $2 billion in education cuts and $3 billion in social service cuts in recent years.

The daily cost of the unfunded liability growth is calculated by taking the projected amount of the growth of the shortfall in a given fiscal year among the state's five pension systems, and dividing that number by 365.

At Governor Quinn’s suggestion, the General Assembly formed a conference committee one week ago to bridge the differences between the House and the Senate.

The governor has set a deadline of July 9 for the General Assembly to act on comprehensive pension reform.

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