From IOCI Media Services:
Quinn Administration Releases Study: Without Pension Reform, Illinois Will Spend More on Pensions than Education by 2016.
Property Taxpayers Far More Protected With Comprehensive Pension Reform That Includes Responsibility for School Districts Than Without…
CHICAGO – August 5, 2012. Governor Quinn released data today prepared by the Illinois Office of Management & Budget (OMB) that shows withot comprehensive pension reform, Illinois will spend more on pensions than education by Fiscal Year 2016. The budget office performed the district-by-district analysis based on current projections to examine the long-term funding challenges of the state if comprehensive pension reform is not enacted. The analysis was released just days after Governor Quinn called a special session dedicated to pension reform on August 17.”Illinois cannot continue down this path at the expense of our children,” Governor Quinn said. “We must enact comprehensive pension reform that eliminates the unfunded liability to repair our pension system and give the next generation the education they deserve.”