After a long and contentious year of attempts to fix Chicago'sexpensive and ailing pension system, leaders have been warned thatcontinuing to not do anything may cost the city an extra $1.5billion per year in just a few years' time.
The Chicago Tribune reports that city aldermen received the toughnews as part of a lengthy meeting with Mayor Rahm Emanuel and themayors of many other Illinois cities and towns - a gatheringdesigned to pressure Governor Pat Quinn to take action onsubstantial state-wide public pension reform.
Chicago's municipal leaders fear that the realities of dealingwith those extra costs, expected to make a massive leap by 2016,will require massive cuts in services and a potential tripling ofexisting city property taxes to help cover the pension fundneeds.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
