Legislature OKs Plan to Reduce Chicago Fire and Police Pension Payments

The Illinois Legislature has approved a plan to reduce Chicago's payments to its fire and police pension funds for each of the next five years.

The Senate voted 38-20 to pass the bill Sunday. It passed the House Saturday.

Chicago's payments were set to jump from about $300 million this year to roughly $840 million next year. The legislation sets the 2016 payment at $619 million.

Democratic Sen. John Mulroe says the measure "is about saving the pension system without crushing the taxpayers."

Chicago Mayor Rahm Emanuel calls it "a reasonable and responsible funding plan."

But Republican critics say it's irresponsible. They note the pension funds contain only about 25 percent of what's needed to pay promised benefits.

Gov. Bruce Rauner's spokeswoman declined to comment. 

Copyright AP - Associated Press
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