Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
Illinois House members voted to override Gov. Rauner’s veto of a bill that would allow a former firefighter serving as a Chicago aldermen to credit his political salary toward a more lucrative fire pension. While just one alderman now qualifies, the bill could extend the perk to more in the future.
The Chicago firefighters pension fund has filed claims with the Illinois comptroller for $3.3 million in shorted pension contributions, an action that could worsen city finances and service delivery.
The average lifetime pension benefit among the county’s 20 highest-earning municipal retirees is more than $1.2 million, while their average total retirement contribution is less than $75,000.