Downstate Mayors Lobbying For Pension Reform
"A person can work five years less to get 75% pension after 30 years. If they retire at 50, they can draw a pension that is larger than they have worked" said Chesley.
The downstate police and fire pension systems were underfunded by about eight-and-a-half-billion-dollars at the end of 2012. Only lawmakers can change the benefits structure and the mayors say if they don't do that soon, there won't be any money to pay the workers when they retire. Lawmakers have already passed a law aimed at fixing the state's pension woes, and there's a plan sitting on Governor Quinn's desk that will help shore up a couple Chicago pension funds. The downstate mayors say they shouldn't be left out of the mix.
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