Local

Quinn: New Pension Law Is Paying Off Already
Quinn: New Pension Law Is Paying Off Already

The governor says the new pension law is already paying off for Illinois taxpayers.
Gov. Pat Quinn says this is from the sale of $350 million in construction bonds, priced to yield 5.65 percent, which will cost the state $20 million less over the 25-year life of the bonds than a comparable sale in April. He says this kind of thing is to be expected.
“If we did something really hard, and erased a $100 billion liability, that would help our state economy, help our jobs, help our opportunity to save taxpayers money, so I think that’s a very important thing,” he said.
The pension law may not stand up in court, and the 2011 income tax increase expires at the end of next year – in the middle of the next state fiscal year – so the state budget is still a foggy situation. Quinn says he’ll be putting together a budget proposal shortly, but for now, he wants to focus on the holidays.