Chicago Mayor Rahm Emanuel has revised his pension plan, dropping a proposal for raising property taxes, in the wake of criticism from Gov. Pat Quinn and the state lawmakers who must approve it.
Last week, Emanuel unveiled a plan to hike property taxes by $250 million over five years. Now, it would be up to the city to decide how to raise revenue for pensions.
Under the plan, workers' contributions of 8.5 percent of salary to pension plans would increase to 11 percent over five years. And retirees would not automatically get an annual 3 percent cost-of-living expense, which would instead be tied to inflation and skipped in certain years.
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