Wednesday, October 14, 2015

Illinois To Delay Pension Payments Amid Budget Woes: "For All Intents And Purposes, We Are Out Of Money Now"

Just incredible.

As the two or three readers of my blog know, I've been following Il woes for several years.  I've often said they were in worse shape than CA.  Now, right when the market is tanking, they are running out of money.

Now, as Bloomberg reports, pension payments are set to be delayed. Bond payments, apparently, will still be made.

Illinois will delay pension payments as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said. 
The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of ending. Munger said her office will postpone a $560 million retirement-fund payment next month, and may make the December contribution late.
Here is the link to the Bloomberg article.

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