Pension Problem Punted by Walsh Jr. and Illinois Legislators

ABC7 News Reports:

7/30/12

"July 30, 2012 (CHICAGO) (WLS) -- Gov. Pat Quinn has called lawmakers back to Springfield for a one-day special session to reform the state's pension systems. But, so far, he doesn't have a plan beyond that. "

Chicago Sun Times:
7/30/12
"By Gov. Pat Quinn’s measure, each day without solving Illinois’ $83 billion pension crisis means the problem keeps worsening to the tune of $12.6 million a day.
Do the math, and that comes to a sobering $720 million in new unfunded pension liabilities since lawmakers skipped town at the end of May without tackling pension reform, the governor’s No. 1 priority."

"The governor hasn’t brokered a deal with the four legislative leaders on what a pension package should look like and hasn’t brought them all together in about six weeks to try to hammer out an agreement."

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As Reported August 20th 2012:
"Legislators failed to take action during a one-day special session Friday to pass pension reforms to bring down the state's $83 billion liability, considered the worst among states."

Chicago Tribune:
"The Illinois legislature failed on Friday to take any action to fix the state's woefully underfunded public retirement system because of fierce opposition from unions and concern about the response of voters in the November elections.
Democratic Governor Pat Quinn had called lawmakers to the special one-day session to reform the most underfunded state pension system in the nation with $83 billion in liabilities.  Illinois' financial condition is among the worst in the United States, on a par with California where three large cities have filed for bankruptcy protection, citing out-of-control pension costs. California and Illinois, the nation's most populous state and the fifth most populous, respectively, have some of the lowest credit ratings among the states."

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Illinois Issues Blog Reports
1/8/13
"The Illinois House and Senate adjourned their two-year legislative sessions today without approving a pension reform measure, dashing the hopes of those who were striving to get legislation approved during the General Assembly's lame-duck session."

"“We have to take extraordinary action to help break the gridlock,” Quinn said when he testified in favor of the plan before a House committee today. Quinn said that failure to act would eventually result in the state’s bond rating being downgraded yet again. “We have to understand that this is an emergency.”"

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Chicago Tribune Reports:
1/9/13
"Though many incoming Democratic lawmakers campaigned on the need to address Illinois' growing pension problems, several veteran legislators said they saw no quick fixes. They pointed instead to the next deadline facing the General Assembly: The scheduled spring session adjournment May 31."