CHICAGO — Illinois lawmakers wrapped up their annual veto session Thursday without acting on a state pension fix, but they did pass a pension overhaul for the Chicago Park District that is being labeled a framework for potential city changes.
Gov. Pat Quinn and others had pressed lawmakers to break their two-year impasse on a plan to stabilize the state's pension system. The state is carrying more than $100 billion of unfunded obligation and its payment in the current fiscal year rose by nearly $1 billion. The pension mess has driven the state's general obligation credit deterioration and it is now the lowest rated state at the low-single A level with a negative outlook.