April 8 (Bloomberg) — Chicago's effort to stabilize two of its four pensions won approval in the Illinois House of Representatives.
The measure aimed at restoring retirement funds for laborers and municipal workers passed today in Springfield, the capital, by a vote of 73 to 41 and moved to the Senate. The bill was changed after Democratic Governor Pat Quinn said he opposed letting lawmakers raise Chicago property taxes by $750 million over the next five years. In a compromise, the city council would have to endorse the increase.
"To do nothing will put all the participants in the system and retirees at risk of no benefits," said Democratic Representative Elaine Nekritz, who said that, without action, those two systems will be bankrupt within 15 years.
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