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Illinois legislature OKs revamp of Chicago's pension system

  • 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.
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