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September 3, 2014, 2:11 am
970 WMAY News

Quinn Lays Out Pension Plan


Governor Pat Quinn acknowledges that the state has dropped the ball for years on pension funding, but it’s state workers and retirees who may foot the bill.

 

Quinn has laid out what he calls a “bold plan” to rescue the state’s public pension funds, which are more than 80-billion-dollars underfunded. Quinn says since the state failed to meet its obligations for years before he took office, he now has no choice but to push for tough and unpopular measures.

 

Quinn’s proposal includes requiring state workers to pay another three-percent of their paycheck toward their retirement, reducing cost-of-living benefits for retirees and raising the retirement age, and requiring local school districts to pick up a larger share of teacher pension funding.

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