It’s going to be an interrupted Summer break for Illinois legislators. Governor Pat Quinn has declared that he’s convening a Special Session of the 97th General Assembly on August 17th to deal with Pension Reform.
Quinn says through the declaration that the pension liability of 83 billion dollars is unfunded and unsustainable, costing taxpayers millions of dollars daily. The Fiscal Budget for 2013 is 33-point-7 billion dollars.
Quinn says if left unchecked, the pension crisis compromises the State’s credit rating and threatens vital educational, human services, and public safety programs.