Partly Cloudy
44°FPartly CloudyFull Forecast

Ill. House OKs Chicago pension overhaul

Published: Tuesday, April 8, 2014 3:56 p.m. CST

SPRINGFIELD, Ill. (AP) — The Illinois House has approved a plan to overhaul two Chicago pension programs that officials say could otherwise be out of money in little more than a decade.

The House voted 73-41 Tuesday on the plan proposed by Mayor Rahm Emanuel for municipal-employee and laborers pension programs covering 57,000 workers and retirees. It hinges on a property tax increase of $750 million over five years to cut in half a $20 billion debt within 40 years.

The legislation by House Speaker Michael Madigan overcame earlier resistance after the Chicago Democrat removed language mentioning tax increase. Opponents feared they'd be blamed for a Chicago tax increase.

Without the language, many agreed to support the plan, saying Chicago could not be allowed to go bankrupt.


The bill is SB1922.

Online: .

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

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Reader Poll

What do you think of Shodeen's plan for building upscale apartments and a hotel in downtown DeKalb?
Downtown DeKalb needs anything it can get
The density of the development is too high for the area
A good start, could work with some changes
Approve as is