Illinois to make full December pension payment: comptroller

Reuters News
Posted: Dec 01, 2015 11:38 AM

CHICAGO (Reuters) - Illinois will make the full $560 million December contribution to its retirement systems after a cash crunch caused by the state's ongoing budget impasse delayed the November pension payment, a spokesman for the state comptroller said on Tuesday.

"(The) primary reason is that December is a much better revenue month than November and we will have the available funds to make the payment," said Rich Carter, the spokesman.

He added that holiday sales and quarterly income tax payments generate higher revenue in December.

(Reporting by Karen Pierog; Editing by Matthew Lewis)