Chicago pension reform ruled unconstitutional

2016-03-28T21:52:12-07:00March 28th, 2016|Categories: Pension Reform|Tags: , |

The Illinois Supreme Court ruled Thursday that an earlier pension reform law for the $4.6 billion Chicago Municipal Employees’ Annuity & Benefit Fund and the $1.35 billion Chicago Laborers’ Annuity & Benefit Fund is unconstitutional, upholding the decision reached in a Cook County Circuit Court in July. The law, signed by then-Gov. Pat Quinn on June 9, 2014, and which took effect Jan. 1, 2015, raised employee and employer contributions and reduced retiree cost-of-living adjustments for participants in the two plans. [...]