Time is out… almost.
Illinois Governor Pat Quinn plans to meet with legislative leaders on Friday, June 1st, 2012 to determine whether lawmakers need to come back to Springfield for a special session after they failed to come to an agreement on pension reform.
State legislators ended the spring session last night without making any changes to the state’s broken pension system, which is currently $83 billion in debt.
Failing to fix the retirement system could result in another hit on the state’s credit rating, which already has been downgraded to the worst in the nation by one agency. It also takes away more money that could be directed to education, social services, or the state’s unpaid bills.
Governor Quinn is holding a press conference at 10 a.m. today. If he doesn’t call legislators back this summer, pension reform will be a key issue this fall when 177 House and Senate seats are up for election.