Chicago pension Senate Bill 777 passes

31 May 2015 | Author: | No comments yet »

Chicago pension Senate Bill 777 passes.

SPRINGFIELD, Ill. (AP) — Illinois lawmakers have advanced legislation to help Chicago make payments to its massively underfunded police and fire pensions.Expect more debate about further delaying the City of Chicago’s pension burden after a measure opponents say does just that passed the House Saturday.

The Illinois House on Saturday passed a bill that gives Chicago some financial breathing room by restructuring its contributions to retirement funds for city public safety workers. Where on May 8th the Illinois Supreme Court’s decided to overturn state pension reforms which placed Chicago Mayor Rahm Emanuel’s plan to reform two of four city employee pension funds in similar jeopardy. While Chicago will still have to make a payment of nearly $620 million next year, it will still be less than the more than the nearly $840 million than would have been due without the bill, according to House Democrats.

That triggered a downward spiral that saw Moody’s Investors Service double-drop Chicago’s bond rating to junk status and do the same to the Chicago Public Schools and Chicago Park District. Confronted with previous passed measures that Republican Jeanne Ives claims caused the Windy City’s pension underfunding problems by quote “kicking the can down the road,” Democratic Representative Barbara Flynn Currie said it’s time to fix the problems. “That’s what Senate Bill 777 is all about.

The measure includes provisions for revenues from a possible casino to go to pensions, something Ives said is appropriate, given the bill number. “This is SB 777 becuase you’re hoping for a string of lucky sevens in a casino that’s a fantasy idea right now to make this work. It couldn’t have been perfect for you to pick this bill number for this bill.” Ives says currie is betting on a casino to cash in new revenues and isn’t willing to do the hard work to pay for the obligation. He began his news career at The Vidette, the Illinois State University community’s daily newspaper, and as a correspondent for The Pantagraph in Bloomington.

Fitton has been the Marion reporter for The Southern Illinoisan, a news writer and swing-shift editor at the Journal Star in Peoria, news editor of the Herald-News in Joliet, associate editor of The Pantagraph, night editor of The Times of Northwest Indiana and managing editor of The Southern Illinoisan in Carbonbdale.

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