With $300 billion state pension liability, lawmakers approve Tier III plan for one unit of Chicago government

Link: https://www.thecentersquare.com/illinois/with-300-billion-state-pension-liability-lawmakers-approve-tier-iii-plan-for-one-unit-of/article_a2582218-c487-11eb-9e8a-fff0c619781e.html


State Rep. Kelly Burke, D-Evergreen Park, did have one measure for Chicago Park District pensions. House Bill 417 brought a variety of changes, including bonding for paying pensions.

“They also create a Tier III for district employees where new employees will pay 11% of their salaries, instead of 9%, into the pension fund,” Burke said.

State Rep. Martin McLaughlin supported Burke’s bill, but said it neglects the statewide pension crunch as Democrats continue to pass new spending and new programs.

Author(s): Greg Bishop

Publication Date: 3 June 2021

Publication Site: The Center Square