(Bloomberg) Illinois will delay payments to its pension fund as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said.
The spending standoff between Republican Gov. 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.
"This decision is choosing the least of a number of bad options," Munger told reporters in Chicago on Wednesday. "For all intents and purposes, we are out of money now."
Advertisement - story continues below