This bill could be the template for ALL Chicago public employee pension funds. Please call your legislators at 888-412-6570 and tell them not to slash the modest pensions of public employees and retirees!
SB 1523 (HFA 0003)
Replaces everything after the enacting clause. Amends the Chicago Park District Article of the Illinois Pension Code. Increases employee contributions. Increases employer contributions: increases the multiplier cap through FY 2019, and thereafter requires actuarial funding designed to bring the Fund to a 90% funding ratio by 2050. Increases the retirement age for certain Tier 1 persons and decreases the retirement age for certain Tier 2 persons. Decreases the automatic annual increases in retirement annuities for Tier 1 persons. Decreases the duty disability benefit. Includes provisions relating to the use of contributions for health care subsidies, funding obligations, and new benefit increases.
SB 1523 passed the full House 87-26 (with 2 voting present). A link to the vote was just posted online below: