SPRINGFIELD, Ill. (AP) — Illinois Gov. Pat Quinn, responding to a dire new report on state finances Monday, said more clearly than ever that he wants schools and universities to help pay for their employees' retirement costs.
A statement from Quinn's budget office said the practice of state government paying for theretirement of downstate teachers and professors "requires careful examination and reform" because "employers need to have a stake in funding their own employees' pension costs."
Ben Schwarm, associate executive director of the Illinois Association of School Boards, said schools can't simply absorb hundreds of millions of dollars in new expenses.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.