Chiacgo Mayor Emanuel Takes Lead on Ill. Pension Reform

Wednesday, 09 May 2012 11:49 AM

By Greg McDonald

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Democratic Chicago Mayor Rahm Emanuel made a pitch to Illinois lawmakers Tuesday for overhauling the city’s employee pension program, saying the “day of reckoning has arrived” because costs are out of control.
 
According to the Chicago Tribune, Emanuel told a state House pension committee that he wants to freeze cost-of-living increases for retirees for up to 10 years and raise the retirement age as well. The Tribune said he also called for workers to pay more into the retirement system and to give new city employees the option of joining a 401(k) program.
 
Unless something is done soon, Emanuel warned, “Chicago’s economy and the quality of life will falter” because education and other important programs will have to be cut.
 
Emanuel’s visit to the state Capitol in Springfield was considered rare for Chicago mayors but necessary as lawmakers and Democratic Gov. Pat Quinn consider ways to cut the costs of the state pension program, which is about $80 billion in debt.
 
Chicago’s pension system alone is some $20 billion in debt.
 
The Tribune reported that having Emanuel “on board and out front for pension reform gives a measure of momentum to the issue — as well as political cover for lawmakers.”
“I think his presence is helpful on pension reform across the board,” agreed Democratic House Speaker Michael Madigan.
 

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Kate Upton Sexiest Woman Alive; Model Apologizes to Teen Brother

Friday, 19 Dec 2014 17:52 PM

Model Kate Upton was selected as People magazine's first Sexiest Woman Alive, a month after Chris Hemsworth received the . . .

'Tip-Bombed' Waitress Gets $1,200 Tip the Week Before Christmas

Friday, 19 Dec 2014 17:08 PM

A Virginia waitress was surprised and overwhelmed by a "tip bomb," a $1,200 tip from a group of people who wished to rem . . .

Kentucky Infant Found Safe After Carjacking, Amber Alert

Friday, 19 Dec 2014 16:09 PM

A 20-day-old infant who was stolen during a Kentucky carjacking was found safe a little more than two hours after the ca . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved