A Message from the Department of Financial and Professional Regulation,
On August 5, Governor Quinn released data showing that without comprehensive pension reform, Illinois will spend more on pensions than education by Fiscal Year 2016. According to the analysis, continued cuts to education as a result of fast-rising pension costs will cost downstate and suburban school districts far more than assuming the responsibility to pay for their compensation decisions over time. The analysis can be viewed here.
Every day that Illinois' pension crisis goes unresolved, the unfunded pension liability grows by $12.6 million. Without comprehensive pension reform, funding for key services such as education will continue to be squeezed out. Governor Quinn has proposed a comprehensive pension reform plan that eliminates the unfunded liability over the next 30 years and includes a phased-in normal cost realignment that would ensure school districts have a stake in the contracts they negotiate.
For more information or to get involved, go to Save Our State.
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