Quinn to Panel: Thanks for Sounding Pension Alarm
SPRINGFIELD, IL - A spokesman says Illinois Governor Pat Quinn is happy an influential business group will help "sound the alarm" on pension reform.
The Commercial Club of Chicago released a memo Wednesday that the public-employee pension system is "unfixable." The system is underfunded by $96 billion.
It also sent the Democratic governor a sharply worded letter about inaction in the Capitol. But Quinn spokesman Abdon Pallasch welcomed committee pressure on legislators to keep the program afloat. The committee says benefits for all pensioners must be cut and proposals in the General Assembly are insufficient.
The "We Are One Illinois" coalition of labor unions opposing pension cuts criticized the memo for not demanding a requirement that the state pay its fair share to pension programs.