Business group: Illinios pension problems too big to fix
Thursday, November 15, 2012
SPRINGFIELD — Illinois’ $86 billion unfunded pension burden is so paralyzing, it has reached a point now where the problem can’t be fully repaired by state lawmakers and Gov. Pat Quinn, a leading business group said Wednesday.
Quinn and House Minority Leader Tom Cross (R-Oswego), meanwhile, struck a conciliatory tone on pensions Wednesday, expressing support for reeling in annual retiree cost-of-living increases.
But the two still showed no signs of coming together on a plan to pass off state pension costs for teachers to Downstate and suburban school systems, a Democratic push that Republicans have compared to a $20 billion property tax hike.
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