The Chicago City Council last week lobbied Illinois Gov. Pat Quinn through a letter to veto public safety pension reform legislation recently approved by the General Assembly.

Mayor Richard Daley has warned that the reforms would require a 60% property tax increase. For Chicago, the main problem is a provision that would requiring it make annual contributions to the public safety pensions based on an actuarial formula. Current city contribution are based on a percentage of salary, which has typically fallen far short of the actuarial contribution.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.