Illinois Fixes City Pensions as State Crisis Lingers
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The Illinois General Assembly placed new demands on the funding of municipal retirement plans, even as it recessed until early January without acting on a $3.7 billion bond proposal to make payments into state employee pension funds.
The state Senate doesn’t have enough votes to pass the bond plan, said John Patterson, spokesman for Senate President John Cullerton, a day after the chamber sent Governor Pat Quinn a bill that Chicago Mayor Richard M. Daley warned would result in the biggest property-tax increase in the city’s history.