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

Posted: Updated:

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.

Copyright 2013 KFVS. All rights reserved.

Powered by WorldNow

310 Broadway
Cape Girardeau, MO 63701

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KFVS12. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.