July 27, 2015
A Cook County judge on Friday threw out a 2014 law aimed at reducing multibillion-dollar shortfalls in two Chicago pension funds, a decision city officials have said could leave the retirement accounts insolvent in a little more than a decade or lead to massive tax increases.
Judge Rita Novak wrote that the changes to pensions for some 61,000 current and retired municipal employees and laborers in unconstitutional. She also said workers and retirees who have been paying more into their retirement funds or have been receiving less in benefits since the law took effect on Jan. 1 are entitled to recoup their losses.
Click here to read more.
- Log in or register to post comments
- Printer-friendly version