May
30
Illinois Lawmakers Override Veto of Chicago Pension Break
By-
Senate, House reject Governor Rauner’s veto of pension ramp
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Override allows Chicago to avoid stepped up pension payments
Illinois lawmakers overrode Governor Bruce Rauner’s veto of a law that gives Chicago a partial break on its pension payments to police and fire retirement funds.
The House followed the Senate’s vote Monday to nix the veto. Rauner, a first-term Republican locked in a record budget impasse with Democrats who lead the legislature, vetoed the bill on Friday. The law gives Chicago 40 years instead of 25 to get its public-safety pensions to 90 percent funded and reduces this year’s required contribution to the public safety pensions by $220 million. Mayor Rahm Emanuel had slammed Rauner’s veto, saying it would force a property tax increase…
Illinois Lawmakers Override Veto of Chicago Pension Break
