Facing one of the worst pension funding crises of any city or state in the U.S., Illinois finally got its financial ducks in a row today.
State lawmakers passed a bill during a special session today that will address unfunded liabilities in the state pension plan. Illinois, which owes its pension plan $100 billion, will save $160 billion over the next 30 years, and will immediately reduce its unfunded liability by about 20 percent.
The bill made it through the Senate by a 30-24 vote and through the House by a 62-53 vote. It was supported by both Republican and Democratic legislative leaders and by Democratic Gov. Pat Quinn, who has pushed the legislature to pass pension reform all year. After attempts to get a bill done in spring failed, along with a summer session that led to a legislative committee that hammered out a bill, Quinn’s efforts seem to have finally paid off. Read