(Bloomberg) -- Illinois will delay pension payments as a prolonged budgetimpasse causes a cash shortage, Comptroller Leslie Geissler Mungersaid.
|The spending standoff between Republican Governor Bruce Raunerand Democratic legislative leaders has extended into its fourthmonth with no signs of ending.
|Munger said her office will postpone a $560 millionretirement-fund payment next month, and may make the Decembercontribution late.
|“This decision is choosing the least of a number of badoptions,” Munger told reporters in Chicago on Wednesday. “For allintents and purposes, we are out of money now.”
|Munger said the pension systems will be paid in full by the endof the fiscal year in June.
|Read: Support grows for public pension forall
|The state still is making bond payments, she said.
|“We prioritize the bond payments above everything else,” Mungertold reporters.
|Read: Even strongest states keep kicking pensioncan
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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