Chiacgo Mayor Emanuel Takes Lead on Ill. Pension Reform

Wednesday, 09 May 2012 11:49 AM

By Greg McDonald

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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:
Retype 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
Around the Web
Top Stories
You May Also Like

Rasmussen Poll: Labor Day End of Summer for Most Americans

Monday, 01 Sep 2014 13:52 PM

The majority of Americans say that Labor Day signifies the unofficial end of summer, not the day to recognize the contri . . .

Obama Promotes Surging Economy as Midterm Elections Near

Monday, 01 Sep 2014 13:46 PM

Boosted by recent economic gains, President Barack Obama is sounding more bullish about the nation's recovery from the G . . .

Sen. Mike Lee Pleads: Abolish Common Core

Monday, 01 Sep 2014 12:52 PM

Utah Sen. Mike Lee called on Americans to join him in the effort to abolish the federal Common Core education standards  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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