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.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

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