IL Pension Debt Continues to Grow — Pace Has Slowed
CHICAGO (AP) — Governor Pat Quinn says Illinois’ massive pension shortfall will grow at a slower pace of $5 million a day during the next fiscal year.
The daily growth was estimated at $17 million per day for the fiscal year than ends Sunday. But Quinn says taxpayers are still paying “a steep price” because the Legislature hasn’t been able to pass pension reform.
The Democrat says lawmakers must work “around the clock” to address the crisis.
Illinois has the nation’s worst state pension problem. Lawmakers voted this month to form a bipartisan committee to tackle the issue, and Quinn gave the group a deadline of July 9th.
Quinn says the daily growth of the state’s unfunded liability has decreased partly because Illinois has made full pension payments for several years.