19th Ward Chicago: Pensions

Wednesday, December 17, 2014

Pensions

GOVERNMENT LABOR UNIONS FILE LAWSUIT TO STOP CHICAGO PENSION OVERHAUL

CHICAGO - Labor unions representing City of Chicago beurocrats and government workers have filed a lawsuit arguing a law overhauling Chicago's pension systems is unconstitutional. Chicago currently has the worst-funded pension system of any major U.S. city.

Legislation approved last year seeks to eliminate a $9.4 billion unfunded liability in two pension systems by increasing contributions and cutting benefits. It would affect about 57,000 government employees.

The lawsuit filed Tuesday in Cook County Circuit Court asks a judge to stop the law from taking effect Jan. 1. Mayor Rahm Emanuel says the law is constitutional. He says the changes are needed to ensure pension funds remain solvent and retirees receive benefits.

2 comments:

Anonymous12/18/2014
good luck to them
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Anonymous12/18/2014
57,000 votes Rahm will not be getting
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