Quinn: Pension Reform easier said than done

By WEEK Producer

December 7, 2012 Updated Dec 7, 2012 at 11:18 PM CDT

CHICAGO, Il. -- Public Pension Reform.... According to Governor Pat Quinn it is easier said than done. Partly because Illinois is ranked dead last in the nation for it's pension liability.

Friday, Governor Quinn discussed the state's looming pension issues at the Illinois Manufacturers Association annual luncheon.

Quinn says the problem began 70 years ago and costs the state 17 million dollars every day that passes without action on a reform.

This week, about 20 House members introduced a new bipartisan pension plan that they say is a compromise between state employees, teachers, and legislators.

The general assembly has recessed for the holidays, but Quinn remains optimistic that a reform package can be completed before new legislators are sworn in on January 9th.

"So it is very very important that between now and January 9th at noon. At high noon, that we act together as a state to get something very important done for our economy, for our businesses, for our workers, for our students, for all of us," Quinn.

The bi-partisan plan calls for workers to contribute more money into their retirement fund and younger workers will spend more years on the job.

In addition, some school districts could pick up the costs of teacher pensions and reduce the cost of living increases for retirees.

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