How do you take a pension system that is only 18.4% funded and make it solvent? Well, you make the pensions more generous of course.
Previously, a Chicago firefighter born on or after Jan. 1, 1966, would receive a non-compounding annual 1.5% cost-of-living adjustment to his or her pension, with a lifetime limit of 30%. Firefighters born before that date got a 3% annual increase.
Outside the city, firefighters hired before 2011 receive annual 3% compounding increases to their pensions, while those hired in the past decade receive a less generous increase.
The new law removes the Chicago pension differences based on date of birth, and also eliminates the 30% cap on cumulative cost-of-living adjustments.Chicago Tribune
I don’t feel so bad reading these stories anymore since I relocated to Georgia. This is why property taxes continue to climb in Illinois.
In a letter to Pritzker in February, Chicagoland Chamber of Commerce President and CEO Jack Lavin argued the change would lead to another property tax increase for city homeowners and businesses.Chicago Tribune
Pritzker is a buffoon.