- Associated Press - Tuesday, April 1, 2014

CHICAGO (AP) — Chicago Mayor Rahm Emanuel’s plan to cut about half of the city’s pension debt would raise property taxes while increasing the amount of money city workers contribute to their retirement.

The proposal increases property taxes by about $250 million over five years - raising taxes about $50 a year for the average homeowner.

It’d also require city employees to eventually contribute 11 percent of their pay to their pension - up from the current 8.5 percent. And Emanuel wants to slow the growth of cost of living increases for city workers.

Emanuel doesn’t need unions to sign off on the agreement, but officials say he has support from some labor groups.

The proposal doesn’t address underfunded pension plans for teachers, police and firefighters.

The General Assembly must approve the plan.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide