Illinois
Proposed pension ‘fix’ could place additional burden on Illinois taxpayers, Illinois Answers finds
Saturday, May 13, 2023 4:33PM
CHICAGO (WLS) — An influential state senator is proposing new legislation that he said will “fix” a 2010 law that aimed to stem Illinois’ pension crisis by cutting back retirement benefits for future public employees.
The group of bills, proposed by State Sen. Robert Martwick (D-Chicago), would balloon Chicago’s and Cook County’s pension benefits at a time when taxpayers are already being pressed. Martwick said it’s a necessary move, but experts and city officials are warning of collateral damage if the legislation moves forward too quickly.
Chicago leaders and other local governments are blasting the bills for their promise to burden taxpayers with hundreds of millions more dollars in pension obligations. At least one fiscal watchdog said the proposals risk repeating the previous law’s sin of taking action before studying the consequences.
The Illinois Answers Project dug into this proposed solution to fix the state’s pension crisis. The full report can be read here.
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