SPRINGFIELD — Gov. Pat Quinn signed legislation to end premium-free health insurance for state retirees Thursday.
The state currently spends about $800 million annually on the insurance program; however, the exact savings from the new law won’t be known until a premium rate is negotiated between the state and public labor unions.
“Those who have faithfully served the state deserve access to quality health care, and insurance costs should be more balanced and based on actual retirement income,” Quinn said. “We also have a duty to taxpayers to ensure these plans are cost efficient and put Illinois on the path to fiscal stability.”
Under the former system, about 90 percent of state employees didn’t pay health insurance premiums. This benefit created a $54 billion unfunded retiree health-care liability for the state.For the complete article see the 06-22-2012 issue.
Click here to purchase an electronic version of the 06-22-2012 paper.