CHICAGO (WGN) — As C hicago stares down a billion-dollar budget deficit, a bill sitting on Illinois Governor JB Pritzker’s desk threatens to sink the city’s finances further into the red.
At the center of the debate is a plan to boost pension payouts for some police and fire retirees.
The measure is known as a “pension sweetener,” and passed the legislature at the end of the spring session with almost no public discussion.
Democratic Senate, comptroller candidates pitch for Cook County party’s support
The bill would boost pension benefits for officers and firefighters hired after 2010 by increasing the cap on pensionable salary and the annual cost-of-living adjustment for pensioners.
To cover the adjustment, fiscal watchdogs project Chicago taxpayers would be on the hook for $60 million in 2027 and $754 million by 2055…