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The plan violates the Illinois constitutions guarantee that benefits of any state pension or retirement system shall not be diminished or impaired, according to a complaint filed yesterday in state court in Springfield, Illinois.
The controversial law, which was passed after months of negotiations, increases employee contributions from 9 percent of salary to 10 percent and sets the retirement age for new hires at 62.
Even with major pension system changes in in 2011 and 2012, the gap between anticipated revenues and commitments to employees through 2033 approaches $10.3 billion 11 percent larger than projected a year ago.
Unions representing police officers, firefighters and other city workers challenged the pension changes, which called for city workers to contribute 16 percent more to their pension plans.
The State Retirement Systems, covering pensions for ex-state employees, judges and lawmakers, withdrew $29.7 million in 2013, down 88 percent from $248.7 million a year earlier.
Collections to the general revenue fund, the state's main operating account, are dwindling as a result of legislation over recent years to divert money directly to pay for things like transportation, education, pensions, and various tax credits and incentives.
A study found that both U.S. and U.K. pension funds reported negative real annual mean performance from 2002 through 2011 and pension funds did not earn returns above the rate of inflation in either country during this time period.
Most federal civilian employees hired beginning in January will contribute 4.4 percent of their pay to their pension plans under the House-passed budget bill the Senate is expected to approve this week.
The bankrupt city is expected to learn this week the value of roughly 2,800 of its pieces at the Detroit Institute of Arts when New York auction house Christie's delivers its final report.