SPRINGFIELD, Ill. -- Gov. Pat Quinn says approving a landmark pension overhaul last year took “political courage” and was painful.
Quinn made the comments during his State of the State address on Wednesday, a day after a coalition of unions filed a lawsuit calling the pension legislation unconstitutional. The law is aimed at eliminating Illinois’ nearly $100 billion in unfunded liability. That’s the worst among all states nationwide.
Quinn says Illinois has now “stopped the bleeding” with its fiscal problems.
The Chicago Democrat signed the law last month. It essentially cuts benefits for employees and retirees. Quinn has said pensions were his top priority.