Gov. Quinn pushes for pension reform

ROCKFORD - Illinois throws away more than 17 million dollars a day.  That's how much it costs us when there's no solution to the state's failing pension system.

The deficit of state employee retirement systems has now topped more than 96 billion dollars.  Governor Pat Quinn has called it Illinois' fiscal cliff, and on Friday he announced the general assembly needs to come up with a plan to fix the massive underfunding before the lame duck session ends. 

But how close are they to actually fixing the system and do they have enough time before the end of the lame duck session?

With just five days until the current legislative session ends, and the senate having already adjourned, Governor Quinn plans to hold a special meeting Saturday in hopes that party leaders will strike a deal on pension reform.

"I think we're on the eve of collaboration," said Quinn.

On Friday Quinn met with suburban GOP leaders to try and craft a comprehensive pension reform bill.

"It was bi-partisan in Washington the other night, and it's going to have to be bi-partisan in Illinois," said Quinn.

But the effort might be too little too late to pass during the lame duck session.

"To have a problem this big and to try to address it in one day, I don't think that's realistic," said senator Dave Syverson.

A major road block has been House Speaker Michael Madigan's plan to shift teacher pension funding from the state to school districts.  But Quinn says Madigan has agreed to defer that discussion until later, with the hope that both parties can pass some type pension reform to ease the state's stress.

"We would still keep working on that issue," said Quinn.  "We would pay attention to that issue, but it was such a paramount importance that we act now to begin that process of pension reform."

However, it's an issue Syverson wants to see addressed now.  Since more responsible school districts end up having to pick up part of the tab for those that choose to give school leaders larger salaries.

"We continue to subsidize higher pensions for suburbanites in Cook County," said Syverson.

Still, Quinn says he believes a bi-partisan bill that will guarantee payment and ensures money going out equals money coming in, is within reach.

But Syverson's not so optimistic and says that a guaranteed pension payment doesn't necessarily mean people will get what they previously were entitled to. 

"They're talking about a no-pain solution," said Syverson.  "And there is no such thing as a no-pain solution.  So, they say 'lets fix it now, then we'll figure out how to pay for it later,' well pay for it later never happens," said Syverson.

If some sort of deal is within the reach, Quinn will have to call a special session to get all state senators back to Springfield to do it before the start of the next fiscal year.  Otherwise the whole process will have to start over with the new legislature.