On May 30, 2015, the Illinois General Assembly voted to override Governor Bruce Rauner’s veto of Senate Bill 777 which reduces Chicago’s required pension payments to the $3.3 billion Chicago Policemen’s Annuity & Benefit Fund and the $1.1 billion Chicago Firemen’s Annuity & Benefit Fund over five years, starting in 2016. The bill also extends the deadline for the fire and police pension funds to reach 90% funding to 2055 (from the current 2040 deadline).
Further, the bill calls for proceeds from a proposed Chicago casino to go toward future city pension payments. The override was applauded in a statement issued by Chicago Mayor Rahm Emanuel, Fraternal Order of Police Lodge 7 President Dean Angelo and Chicago Firefighters Union Local 2 President Tom Ryan thanked legislators for the vote.
“Senate Bill 777 reflects months of negotiation between our Fire and Police unions and the city of Chicago, through which we came together on an agreement to solve a decades-old pension problem, an excellent example of local control at it’s best,” the statement read.
For further reading on Illinois Senate Bill 777:
https://www.reuters.com/article/us-chicago-pensions-idUSKCN0YL1ZT
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