The legislature has allowed a trailer bill to this bill. In this trailer bill, expect the City of Chicago to seek relief by changing several aspects of the original bill. They can have the 30 year amortization changed to 40 years to delay funding, they can increase employee contributions, or change the 90% mandate to 80% mandate of funding over 30 years. This is not good news for us and is something we MUST fight!
Here is the Chicago Tribune article.
Below is the Fox news report.
Quinn Signs Pension Law; Daley Warns of "Massive" Tax Hike
Updated: Thursday, 30 Dec 2010, 9:40 PM CST
Published : Thursday, 30 Dec 2010, 7:48 PM CST
Published : Thursday, 30 Dec 2010, 7:48 PM CST
Jim Selle, Fox Chicago News
Chicago - Governor Pat Quinn has signed pension reform for police and firefighters into law, and Mayor Daley isn't happy about it.
The new law makes changes to pension requirements for law enforcement and fire personnel hired after January 1. Among the changes:
-- A normal retirement age of 55, with early retirement at 50.
-- A maximum pension of 75% of salary.
-- A maximum pensionable salary of just under $107,000
Quinn says the law will protect "quality pension benefits that are also affordable for municipalities throughout the state."
But Mayor Daley claims the new law places a "tremendous burden on Chicago taxpayers."
Daley says the city's funding burden will almost triple, and a lot of that money is going to come from taxpayers. The mayor accused Quinn of imposing "the largest tax increase in the history of Chicago."
Quinn spokesperson Ashley Cross disputes that. She says the new law does not change current rules, which call for pensions to be funded by property taxes or any other legally available means.
The new law makes changes to pension requirements for law enforcement and fire personnel hired after January 1. Among the changes:
-- A normal retirement age of 55, with early retirement at 50.
-- A maximum pension of 75% of salary.
-- A maximum pensionable salary of just under $107,000
Quinn says the law will protect "quality pension benefits that are also affordable for municipalities throughout the state."
But Mayor Daley claims the new law places a "tremendous burden on Chicago taxpayers."
Daley says the city's funding burden will almost triple, and a lot of that money is going to come from taxpayers. The mayor accused Quinn of imposing "the largest tax increase in the history of Chicago."
Quinn spokesperson Ashley Cross disputes that. She says the new law does not change current rules, which call for pensions to be funded by property taxes or any other legally available means.
Howdy Mike:
ReplyDeleteThe legislation is a great start but we must remain vigilant. The opposition will attempt to reverse as much as this as possible with their "trailer" bill and we know they aren't finished trying to escape their obligation. They are responsible for allowing the underfunding to get this bad, were warned COUNTLESS TIMES that this would happen yet did nothing. Even now with things this dire, rather than the slightest attempt at upholding any fiduciary responsibility, they instead wage a propaganda war to paint us (Police)as the bad greedy guys. This could have been a time for even the slimiest to redeem themselves but no. Business as usual. It's Predictable but still sad. How do we keep the fire burning during the next attack on our future? Any suggestions?
Thanks for your support and responding to this post! It's our first comment, and we hope you forgive us for taking some time to respond, we're still new to Blogger and didn't realize it was there.
ReplyDeleteIn response, we feel education is crucial - educating the officers, who are possibly not aware of these ramifications, and educating the public. We need an FOP that is stronger, united and LOUD, a big (an sane) voice in what's happening in Springfield. But we need to get out in front of this before it begins, talking with people that can stop this, working with the media to shape public opinion, and more. We posted our platform a few days ago, and many of the concerns you wrote about , and suggestions about actionsare addressed. Thanks again!