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Pensions

  • mulroe hepcCHICAGO – In response to the recent announcement from the comptroller’s office that Illinois will skip its November pension payments, Senator John G. Mulroe  (D-Chicago) has issued the following statement:

    “We have made great progress in the last four years in making our pension payments that have been escalating during that time. It's unfortunate that the governor is unwilling to talk about the budget and our obligations to make pension payments. They are directly connected. The failure to make mandated pension payments will end up hurting everyone in the state; this decision will lead to a downgrade in bond ratings, further damaging our financial outlook. It's time for the governor to put aside his non-budget related agenda and deal with what's of immediate concern.”

  • raoul DRSPRINGFIELD — State Senator Kwame Raoul (D-Chicago 13th) issued the following statement in response to Comptroller Leslie Munger’s announcement today that the State of Illinois will skip its required November pension payment of $560 million:

    Illinois’ sorry history of skipping payments to its pension systems has made its unfunded pension liability the highest in the country. The state has used its pension funds like credit cards to fund essential services because of a persistent unwillingness to face the fact that revenue isn’t keeping pace with the needs of its people.

  • Illinois Senate President Applauds Mayor Emanuel’s Leadership on City FinancesCHICAGO – Senate President John J. Cullerton released the following statement regarding Mayor Rahm Emanuel’s 2016 budget address.

    “I join Mayor Emanuel in his efforts to both celebrate and protect our world-class city. We simply cannot ignore the painful reality that the city’s looming pension debt is threatening the financial stability of Chicago.  In the coming days, city and state leaders will be calling on Chicagoans to accept the challenges and financial obligations that come with maintaining the progress of the city that is the economic engine of Illinois.