Mostly Cloudy
86°FMostly CloudyFull Forecast

Chicago among many Illinois cities in pension straits

Published: tisdag, April 1, 2014 10:08 p.m. CDT • Updated: onsdag, April 2, 2014 2:26 p.m. CDT

SPRINGFIELD – Illinois lawmakers must approve Mayor Rahm Emanuel’s proposal for fixing part of Chicago’s pension crisis.

But the city is likely the first of many that will be seeking help from the Legislature on employee retirement funds.

Emanuel is proposing raising property taxes and employee contributions while reducing annual benefits to retirees to cut a debt in pension funds covering city employees and laborers.

But the city still faces problems with its police and fire retirement accounts and must come up with a $600 million payment next year.

Many of the state’s larger cities are struggling with underfunded police and fire funds.

Tom Weisner is mayor of Aurora, Illinois’ second largest city.

He said police and fire payments are escalating and reform from Springfield is necessary.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Daily Chronicle.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Reader Poll

Do you think a Kentucky county clerk should be jailed for refusing to issues marriage licenses in defiance of a court order?
Yes
No