Pension crisis passes to new General Assembly
Illinois’ lame-duck legislative session came to an end with no action to fix the state’s ever-widening public pension crisis.
A bill that might have shrunk the $96 billion shortage in the pension fund never made it to the House floor; and governor Pat Quinn failed to convince lawmakers to let him appoint a special committee whose pension decisions would become law.
State Senate president John Cullerton promises to get back to work on pension reform when the new General Assembly is sworn in.
One Senate proposal would freeze pension benefits for several years and require government employees to contribute more to their own pensions.
Cullerton says the bill could wipe out about a third of the pension underfunding.