Pension Deal Elusive, But Efforts Continue
From the Associated Press
As the Illinois legislature’s annual fall session enters its final days, lawmakers are still tinkering with possible solutions to the state’s $97 billion pension crisis while advocates for same-sex marriage are pushing for a vote in the House, where the issue stalled last spring.
Legislative leaders have reported progress on bridging a gap between the $138 billion savings proposal developed in a special pension committee over the last few months and additional demands from lawmakers who want more dramatic cost-cutting.
Still, any deal is on hold until savings estimates are scored by actuaries of the state’s retirement systems.
“I think there’s not likely to be a vote this week,” Democratic Rep. Elaine Nekritz said, adding “leaders are committed to bringing the legislature back once there is a deal” and that talks have moved to a “different level.”
Lawmakers returned to Springfield Tuesday and could take on various issues, including a plan with tax incentives for Illinois-based companies, a measure allowing same-sex marriage in Illinois and a measure pushing stricter gun sentences.
However, progress on the state’s most pressing financial issue — the worst-funded pension system in the nation — seemed elusive. Moody’s Investors Service warned again Monday that “severe pension deficits” were “the main credit pressure on Illinois.”
Read more in our daily News Update...
From the Associated Press
As the Illinois legislature’s annual fall session enters its final days, lawmakers are still tinkering with possible solutions to the state’s $97 billion pension crisis while advocates for same-sex marriage are pushing for a vote in the House, where the issue stalled last spring.
Legislative leaders have reported progress on bridging a gap between the $138 billion savings proposal developed in a special pension committee over the last few months and additional demands from lawmakers who want more dramatic cost-cutting.
Still, any deal is on hold until savings estimates are scored by actuaries of the state’s retirement systems.
“I think there’s not likely to be a vote this week,” Democratic Rep. Elaine Nekritz said, adding “leaders are committed to bringing the legislature back once there is a deal” and that talks have moved to a “different level.”
Lawmakers returned to Springfield Tuesday and could take on various issues, including a plan with tax incentives for Illinois-based companies, a measure allowing same-sex marriage in Illinois and a measure pushing stricter gun sentences.
However, progress on the state’s most pressing financial issue — the worst-funded pension system in the nation — seemed elusive. Moody’s Investors Service warned again Monday that “severe pension deficits” were “the main credit pressure on Illinois.”
Read more in our daily News Update...