Illinois’ prepaid college tuition program is in better shape than the state’s other benefit programs and pension systems, but it’s still in trouble. A recent report highlighted College Illinois’ solvency, noting it’s 30 percent underfunded – a slight improvement over its standing in 2010. Gov. Pat Quinn says he’s aware of the problems and has put the right people in place to address them.
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“I think we’re going to have to work with [commission chairwoman] Kym Hubbard and her team,” Quinn says. “She’s getting some top-notch people there, I have great confidence in her. We’ll come up with a plan, a rescue plan, to make it better.” Quinn wouldn’t specify what such a rescue plan would entail, but the report indicated the state may have to bail out the program to maintain its solvency for the next 25 years. Lawmakers have vowed to address the problems in 2012.