Quinn calls special session on pensions
CHICAGO – Gov. Pat Quinn has called a special session for lawmakers later this month to focus on finding a solution to the nearly $100 billion pension crisis.
The Chicago Democrat made the announcement Thursday, the same day Moody's Investors Service lowered Illinois' credit rating. The special session is June 19.
The move follows a pension stalemate in Springfield. Lawmakers adjourned last week without a solution.
The House and Senate were at odds over an approach. The Senate rejected a bill sponsored by House Speaker Michael Madigan that cuts benefits across-the-board. Meanwhile, Senate President John Cullerton sponsored a plan that gives employees and retirees a choice in benefits. It was never called for a House floor vote.
Quinn backs Madigan's plan.
Fitch Ratings downgraded Illinois' credit Monday.