The Associated Press
SPRINGFIELD, Ill. — The Illinois House has approved a bill supporters say gives Chicago some “breathing room” in making payments to its police and fire pension funds.
Lawmakers voted 65-45 to advance legislation Saturday to reduce Chicago’s mandatory payment for each of the next five years. The bill now goes to the Senate.
Under existing law, Chicago’s payments to the two funds were set to jump from about $300 million combined this year to roughly $840 million next year. The legislation sets the 2016 payment at about $620 million.
Republicans called it a financially irresponsible “bailout.”
Rep. Barbara Flynn Currie is the bill sponsor. The Chicago Democrat says Chicago is still on the hook to fund its pensions and without the legislation residents face “a certain tax hike.”