- Associated Press - Tuesday, April 8, 2014

CHICAGO (AP) - A coalition of labor unions is urging Gov. Pat Quinn to veto Chicago Mayor Rahm Emanuel’s plan to overhaul two city pension systems.

The Illinois Legislature approved the measure Tuesday.

In a statement, the We Are One Chicago coalition says public workers affected by legislation could lose one-third of their retirement savings.

They call it “nothing more than another attempt at pension theft.”

The plan would reduce a $9 billion shortfall in the funds covering 57,000 current and retired municipal workers and laborers. It would cut retirees’ benefits and increase city and employee contributions to the accounts.

Emanuel has said he wants to increase city property taxes by $750 million over five years to cover the increased contributions.

Quinn declined to say Tuesday whether he’ll sign the bill.



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