From AP - News Local/State -

Quinn Wants Funding Guarantee in Pension Bill

Gov. Pat Quinn says any overhaul of Illinois' worst-in-the-nation pension problem should have a funding guarantee.

He spoke Monday just days after House lawmakers approved their third pension-related bill. The latest would reduce and delay cost-of-living increases in state employees' retirement pay. 

Pensions have been Quinn's top issue for more than a year. He says lawmakers' work last week was a step in the right direction but there's further to go.

Quinn says any reform package should address retirement age and pensionable salary.

Illinois has nearly $100 billion in unfunded pension debt because lawmakers skipped or shorted pension payments for years.

House lawmakers recently OK'd bills that would cap the salary on which benefits are based to the limit set for Social Security and delay the retirement age incrementally.

Categories: Economics, Government