CHICAGO — Leaders of the Illinois legislature on Wednesday announced that they had found, at long last, a way to repair the state’s deeply troubled pension system, which has been deemed among the most underfunded public systems in the nation, has jeopardized the state’s financial stability and has become a political risk for state leaders.
The leaders declined to make details of their plan public as they privately sought support from rank-and-file lawmakers before a special session called for Tuesday. Gov. Pat Quinn, a Democrat, praised the leaders — a group of top Democrats and Republicans — for what he described as a “critical agreement.” He said, without providing more details, that the deal met a crucial standard of eliminating the unfunded debt and fully stabilizing the system, which has an estimated $100 billion in unfunded liability.
Read the rest here.
No comments:
Post a Comment