By the time the Illinois General Assembly is scheduled to take the next step on pension reform Jan. 30, the pension debt will have increased by $376.2 million since lawmakers ended their session on Jan. 8 without voting on a plan to fix the pension system.
That debt continues to grow at a rate of $17.1 million each day, accruing unfunded liabilities through the interest on the state’s pension debt, according to Gov. Pat Quinn’s office.
This adds to the $96 billion in unfunded pension liabilities, currently the highest in the nation, according to the Pew Center for the States.
House Bill 98, the refiled pension reform bill that was submitted in the eleventh hour of the previous term, can’t move forward until the House Rules Committee holds a hearing at the end of the month.
Quinn hoped a decision on pension reform would be reached before the Democratic supermajority was sworn in Jan. 9, but the previous assembly adjourned its session before a floor vote took place. House Bill 98 co-sponsor David Harris, R-Arlington Heights, said he was disappointed that the bill was not put to a vote before the assembly’s adjournment.
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“There was a disagreement … between the House and the Senate on the best approach to take, and given the very short period of time that we had to work with, we weren’t able to hammer out a negotiated agreement,” Harris said.
Quinn expressed his concern for the growing pension crisis in a news release Jan. 4.
“Every day that urgently needed action on pension reform is delayed, the problem gets worse,” Quinn said. “As elected leaders, we have a responsibility to put politics aside and enact a solution that prevents skyrocketing pension costs from squeezing out core services like education, public safety and health care.”
Harris said he hopes the bill will receive a committee hearing and be discussed by the General Assembly.
“I hope (the bill) can be used as a platform on which to build a reform plan that can pass both the House and the Senate,” he said.
Chrissy can be reached at [email protected].
