Quinn: Illinois economy depends on pension reform
SPRINGFIELD (AP) — Gov. Pat Quinn says the Illinois House should act quickly to approve a pension-reform package because the state's economy depends on it.
House Speaker Michael Madigan's plan to increase employee contributions and trim benefits is scheduled for a House vote Thursday.
Years of state underfunding of pension accounts has left Illinois $97 billion short of covering future obligations.
The Democratic governor says the liability grows by $17 million a day. He says Illinois' economy won't fully recover until reform is approved.
But union representatives told a House committee Wednesday the opposite is true. Illinois Education Association President Cinda Klickna says cutting pension benefits takes away money retirees spend in local communities and especially hits teachers who don't have Social Security benefits.
The bill is SB1.