SPRINGFIELD, Ill. Jan 8 Hopes for substantive
public pension reform in Illinois were dashed on Tuesday when
the House of Representatives adjourned without voting on any
measure to fix the state's huge unfunded pension liability.
The lack of action to reform pensions left Illinois
vulnerable to another round of cuts to its already relatively
low credit ratings, which will boost the cost of borrowing
Democratic Governor Pat Quinn had offered a compromise
proposal calling for a commission to be formed to recommend ways
to reduce the state's huge $96.8 billion unfunded pension
liability. That plan was not brought to a vote in the House on
the last day before a newly-election Legislature takes office.
Quinn made his proposal after a more comprehensive plan to
curb pensions for state and local employees such as teachers
failed to muster enough votes for approval.