The State of Illinois, Cook County and City of Chicago have reached the point of recognition that the decades old policies of providing employees with generous, defined benefit pensions without properly funding them is no longer sustainable going forward.
There has been much discussion, debate and uproar over the fiscal cliff facing our state pension crisis, underfunded by some $83 billion, but it turns out the situation at the local government level is even worse.
The Chamber’s Board of Directors recognizes the need for the business community to be a leader on the issue. The Board approved a motion encouraging Governor Pat Quinn, Cook County President Toni Preckwinkle and Chicago Mayor Rahm Emanuel, as well as legislative leaders in the General Assembly, to work together to solve their respective pension system issues immediately. Click here to view the full motion.