Governor will not consider ADM tax breaks until pension reform is passed

By WEEK Producer

October 4, 2013 Updated Oct 4, 2013 at 9:51 PM CDT

SPRINGFIELD, Ill. -- Governor Pat Quinn said he will not consider any tax breaks to keep the Archer Daniel Midland Company's headquarters in Illinois if lawmakers do not pass a pension reform bill first.

ADM officials announced last week that they were considering moving their world headquarters out of Decatur.

ADM officials are considering Chicago as an option and have asked legislators for income tax incentives worth $1.2 million a year for the next 15 to 20 years.

The Governor said lobbying efforts by ADM would be better directed towards solving the pension crisis.

Meanwhile, Senate President John Cullerton is backing a new pension reform plan that could save the state $138 billion. The pension reform conference committee proposal includes reduced employee contributions and cost of living inflation protection.

It is estimated that the plan could have state pension funds fully funded by the year 2043.