Illinois Governor Pat Quinn wants lawmakers to return to Springfield later this month, but some legislators aren't sure why.
Quinn released a statement Thursday criticizing lawmakers for failing to address the state's nearly 100-billion dollar pension shortfall and calling a special session which begins June 19th. The announcement follows news that Moody's Investors Service is lowering Illinois' credit rating. But a spokesman for House Speaker Michael Madigan says he believes the special session is to deal with guns, not pensions.
Quinn is currently considering conceal-carry legislation that was passed last week. Quinn hasn't said if he'll sign the plan. If he vetoes it, lawmakers could override the veto.
The bill is sponsored by House Speaker Michael Madigan and comes out of a laborious process where lawmakers are addressing the pension problem piece by piece instead of a total overhaul at once. House members voted in favor 66-50 yesterday. It's the third scaled-back pension bill the House has recently approved.
Thursday's proposal says that no cost-of-living increases can be taken until retirees reach 67 years of age, or five years after retirement and applies COLAs only to the first $25,000 of an annual pension.
Illinois has nearly $100 billion in unfunded pension liability because for years lawmakers either skipped or shorted payments.