Illinois Gov. Bruce Rauner vetoed a bill last week that would have raised contribution rates and lowered the retirement age for members of Chicago’s Municipal and Laborer’s pension funds.
Chicago Mayor Rahm Emanuel had been pushing hard for the bill.
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The Illinois Governor vetoed help for Chicago’s Municipal and Laborer’s pension funds. He thinks the bill would create an unsustainable funding schedule and lead to tax increases without solving the real problem. Mayor Emanuel urged Rauner to approve the measure last week.
“The first step on the road to ensuring and securing our pensions and our financial and fiscal stability would be to sign that bill,” Emanuel said.
Rauner is instead touting legislation to give Chicago schools a year of pension relief. His measure would also change the pension system in Illinois. Emanuel said it’s not right that his reform is permanent, while the $215 million for the schools is a one-time action.