Chicago Pension Bill Passes Legislature

Chicago Pension Bill Passes Legislature

Photo: Newsradio WTAX

After shirking the blame for a tax increase and picking up Republican support, the speaker of the Illinois House passed a bill that restructures two Chicago pension funds: the municipal fund and the laborers’ fund.

Participants would pay more and get less. But, says Speaker Mike Madigan (D-Chicago), “At least you’ll get a pension check. The municipal fund … is scheduled to be out of money in about 10 years. Yes, contributions will go up. Benefits will go down. But there will be a check coming to help people in retirement.”

The bill stalled last week because lawmakers would not agree to force Chicago’s city council to raise property taxes. Now it’s simply up to those aldermen to figure out how to solve it.

Not everybody was buying it. “Let’s don’t kid anybody. What we’re talking about today is a massive property tax increase,” said State Rep. David McSweeney (R-Barrington Hills). “The plan is to raise property taxes … $750 million over the next five years.”

The measure passed both chambers and now heads to the governor.

Recent Headlines

in Local

Opponents Upset Chief Illiniwek Merchandise Still Available Online

u of i urbana

Assistant Athletic Director Marty Kaufmann says the items are available because there wasn't "any edict to wipe all history or tradition from our books."

in Local

Lisa Madigan Calls for More Compassion Towards Victims of Sex Crimes

Lisa Madigan

The state's Attorney General says a shift in attitude toward victims of rape, sexual assault, and other such crimes will lead toward more of these crimes being reported.

in Local

Arrest Made in the Murder of a Former Pleasant Plains Woman

kendra hatcher

One suspect is in jail and another is being sought in the murder of a former Springfield area woman.

in Local

Alleged Improprieties Force Out Two Parole Board Members

wtax 011015

Two members of the Illinois Prisoner Review Board have been removed in the wake of published reports of erroneous filings with the state and the federal government.

in Local

Rauner Addresses Concerns of State’s University Presidents


The Governor was in Urbana Friday to address the concerns of nine presidents over universities in Illinois.