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July 29, 2014, 9:50 am
970 WMAY News

Treasurer Rutherford Urges Lawmakers to Reform Pensions to Avoid Credit Downgrade


State Treasurer Dan Rutherford agrees with Governor Pat Quinn that something must be done to fix the $85 billion pension shortfall, and he’s using a recent message from Moody’s to push the case.

 

Moody’s said Thursday that the General Assembly’s failure to reform pensions could lead to another credit downgrade which means it will cost the state more to borrow money.

 

Rutherford dismisses criticism that minority republicans held up passage of pension reform during last week’s one-day special session and the treasurer says he’s using his “bully pulpit” to get the democratic governor and Speaker of the House Mike Madigan to get their party to act.

 

Rutherford says that the pension crisis is a problem for tomorrow that must be resolved today.

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