CHICAGO (Nov. 17, 2015) – Today, the Illinois Supreme Court will hear oral arguments in a lawsuit challenging modest reforms to two of the city of Chicago’s pension funds, the municipal workers’ and the laborers’ pension systems. This pension law was passed in summer 2014 and is being challenged by government unions. The law would require the city to invest more money in the pension funds going forward, slightly increase retirement ages and employee contributions from city workers to their own retirements. It would also reduce cost of living adjustments for city worker retirees.

The Illinois Policy Institute has been following Illinois’ and Chicago’s pension problems for years and has presented constitutional and sustainable solutions to the city and state’s pension crises. Pensions and legal experts from the Institute are available for interviews in-person in both Springfield and Chicago, as well as by phone or Skype.

WHAT: IL Supreme Court hearing on pension reform bill for Chicago city workers

WHEN: Arguments begin at 9 a.m. and the Chicago pension law is the subject of the third hearing this morning

WHERE: Illinois Supreme Court building in Springfield

EXPERTS AVAILABLE: 

In Springfield – Kristina Rasmussen, executive vice president, Illinois Policy Institute
In Chicago – Ted Dabrowski, vice president of policy, Illinois Policy Institute and Jeffrey Schwab, attorney at the Liberty Justice Center

FACTS ABOUT CHICAGO PENSIONS: 

• The 2014 Chicago pension law only affects two of the city’s retirement funds: the municipal workers’ and laborers’ pension systems.
• The pension funds for police, firefighters, teachers, parks and transit workers are untouched by this law.
• The municipal workers’ pension fund has just 41 cents in the bank for every $1 that has been promised in retirement benefits.
• The laborers’ pension fund has just 64 cents in the bank for every $1 that has been promised in retirement benefits.
• The pension debt from the two pension systems affected by the 2014 law represents just $8.3 billion in pension debt.
• In total, Chicago residents are on the hook for more than $34 billion in pension debt, or roughly $33,000 per household.

More Illinois Policy Institute research on Chicago pension reform can be found here: http://bit.ly/1HT8i5R
For bookings or interviews: Nathaniel Hamilton or Diana Rickert (312) 607-4977