- Illinois' House and Senate have approved a bill that would increase employee contributions to two Chicago city pension systems and which will cut future cost-of-living increases for retirees.
- The legislation will now go to Illinois Governor Pat Quinn for his signature.
- The bill is an attempt to deal with a pension system that has a shortfall of around $20B, with some funds on course to run out of money withing a decade.
- However, attempts to include tax increases to fund the pension systems were taken out the final legislation. In addition, Chicago Mayor Rahm Emanuel needs to deal with an increase of over $600M in annual contributions to the city's police and fire pension funds that's due to begin next year. ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, MLN, HYMB, BABZ, XMPT, BABS, SHM, SUB, PRB, SMB, PVI, SMMU, MUAF, MUAE, MUAD, MUAG, VRD, MUAC, GMMB, RVNU
Illinois legislature OKs revamp of Chicago's pension system
From other sites
at Nasdaq.com (Jan 30, 2015)
at CNBC.com (Jan 6, 2015)
at CNBC.com (Dec 24, 2014)
at CNBC.com (Jul 25, 2014)
at MarketWatch.com (Jan 6, 2014)
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