CHICAGO (AP) — Gov. Pat Quinn argued Friday that it makes no sense to develop a contingency plan to solve Illinois' pension crisis despite urgent financial difficulties and signals the landmark law signed by the Chicago Democrat in 2013 could be found unconstitutional. Illinois' roughly $100 billion shortfall in funding employee retirement benefits is considered the worst pension crisis in the nation. After years of debate, lawmakers approved a plan that cuts benefits for most employees and retirees, which supporters say will fully fund the pension systems by 2044. Originally projected to save $160 billion over 30 years, Quinn's office later reduced estimates citing market changes, noting the plan will save the state about $145 billion in the time frame. The decision centered on the constitution's strong protections for retirement benefits, leaving many to question the fate of the state's pension overhaul and possible future credit downgrades.
Similar Stories to Quinn: No Pension 'plan B' Before Court Ruling on Bing News
By SOPHIA TAREEN and SARA BURNETT, Associated Press, San Antonio Express-News: World
Fri, 09/19/2014 - 8:10pm
BING NEWS:
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04/29/2024 - 7:21 am | View Link - Triple-lock stays under Starmer as Labour leader vows to keep pensions guarantee for at least 5 years
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