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Posted: 5:59 PM Feb 4, 2012
Schools Fear Quinn Idea to Shift Pension Costs
Cash-strapped Illinois could save more than $1.3 billion a year if it passed off its portion of public teacher retirement benefits to schools and colleges, but administrators say it could mean ruin for some school districts.
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6 Comments 
SPRINGFIELD, IL (AP) -- Cash-strapped Illinois could save more than $1.3 billion a year if it passed off its portion of public teacher retirement benefits to schools and colleges, but administrators say it could mean ruin for some school districts.
Gov. Pat Quinn has expressed support for shifting the cost to local school districts and colleges to free up money to pay down a huge unfunded liability in the five state pension systems.
School districts say their budgets are already strained. Many are limited by caps on the amount of property taxes they may collect and say seeking voter approval for more would be difficult.
The cost of maintaining the pension system for public schoolteachers outside Chicago is $850 million a year. It costs another $468 million to run the State Universities Retirement System.
Latest Comments
Let's look at what has happened to the schools. Lets start with the lottery this will take care of all the problems. This was in the early 70's and the State cut some of the education funding because of this. The Governor has cut the transportation funding to districts because of what they were paying out in the State of Chicago. He made comments before Christmas that he wants to cut all funding to transportation and let the parents worry about getting their kids to school. The State is behind in what they owe the schools even with a tax increase. Our Lt. Governor doesn't understand how a Jr. College is suppose to work because many of us who go don't graduate because all we are doing is just taking classes to increase job skills or hobby. These are 3 examples of how out of touch our Lawmakers are with the taxpayers. The State wants to force local governments to increase taxes so he doesn't get the blame.
I so sick of the blaming the teachers CRAP. It is not the teacher's fault that the State is in this mess. It is our lawmakers who have done this not the TEACHERS. The State STOLE retirement money from the Teachers Retirement Plan 2 years in a row and NEVER paid it back. The STATE has raised taxes from 3% to 5% and they still can't pay the bills. They over spent and made promises the will not or ever planned to keep. So put the blame on our LAWMAKERS.
Now that has to be 2 of the dumbest comments i have heard. The government and corporations what you to work for less,work longer lingers pay for your health and retirement and raise your taxes more. By getting rid of unions the government won. Obama said he was backing unions but like everything else he hasn't done a thing. Oh wait obama care wiitch will cost you more than you know. WAKE UP AMERICA
