Chicago school pension payment will be made: Illinois House speaker

Michael Madigan, speaker of the Illinois Representatives, listens to the State of the State address in the House Chambers of the Illinois State Capitol in Springfield, Illinois February 1, 2012. REUTERS/Sarah Conard

SPRINGFIELD, Ill. (Reuters) – Illinois House Speaker Michael Madigan said the Chicago Public Schools will make a full $634 million payment to its teachers pension fund by a midnight Tuesday deadline.

The Chicago Democrat said he was advised by “reliable sources” that the nation’s third-largest public school system has the cash to make the state-mandated payment on time.

He added that a bill delaying the payment for 40 days was now moot.

(Reporting by Fiona Ortiz in Springfield and Karen Pierog in Chicago; Editing by Matthew Lewis)

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