June 30, 2015 / 8:57 PM / in 3 years

Chicago school pension payment will be made: Illinois House speaker

SPRINGFIELD, Ill. (Reuters) - Illinois House Speaker Michael Madigan said the Chicago Public Schools will make a full $634 million payment to its teachers pension fund by a midnight Tuesday deadline.

The Chicago Democrat said he was advised by “reliable sources” that the nation’s third-largest public school system has the cash to make the state-mandated payment on time.

He added that a bill delaying the payment for 40 days was now moot.

Reporting by Fiona Ortiz in Springfield and Karen Pierog in Chicago; Editing by Matthew Lewis

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