Governor Pat Quinn today marched in the annual Bud Billiken parade and continued his push for public pension reform. Walking alongside hundreds of youth and students, the governor called for a school system and pension system that are built to last for future generations.
The Governor has summoned the General Assembly to a Special Session on Friday, August 17, to focus on pension reform.
"As I march up Doctor Martin Luther King Drive and see all these bright, smiling faces, the importance of bold action on pension reform is crystal clear," Governor Quinn said. "Education is being squeezed out by fast-rising pension costs. We owe it to our kids marching here today and across Illinois to reform our pension system, so they have the education they deserve."
Last week, Governor Quinn's Office of Management & Budget released a study showing that without comprehensive pension reform, Illinois will spend more on pensions than education by FY 2016. The State's 2013 budget is $33.7 billion, with 15 percent going to pensions alone. Each day, Illinois' unfunded pension liability grows by $12.6 million. The Governor has proposed a pension reform plan -- which is expected to save taxpayers $65 to $85 billion -- that eliminates the unfunded liability over the next 30 years and stabilizes the system.
For legislators' contact information and details on Governor Quinn's pension reform plan, visit SaveOurState.illinois.gov.