SPRINGFIELD, Ill. (AP) - The Illinois General Assembly has sent Gov. Bruce Rauner a plan to shore up Chicago pensions.
The House voted 63-45 Thursday to allow the city to use increases in water- and sewer-service rates to triple contributions to retirement programs covering municipal workers and laborers. Firefighters’ and police pensions are separate.
It’s identical to legislation the Republican governor vetoed in March. Rauner called it combatting “drought with a drop of rain.”
The legislation he voted was approved by a General Assembly which ended in January. So lawmakers had to produce fresh legislation to try again.
House Majority Leader Barbara Flynn Currie says the change would keep the pension accounts solvent. Otherwise both would be bankrupt by 2027.
It also requires greater contributions from new employees.
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The bill is SB14
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