Senate Bill 2105 closely mirrors House Bill 2451, last year’s Chicago firefighter pension enhancement bill. The city estimated that legislation would cost an average of $30 million per year and $850 million over 35 years. Mayor Lori Lightfoot opposed the bill, calling it “irresponsible.” Gov. J.B. Pritzker signed it over her objections.
The article is incorrect. There is no annual 3% increase in CPD pensions. There is a one time 3% increase on pensions after the retiree reaches a specific age and has been retired for one year. The original 3% amount never goes up and is not compounded. As an example, $40,000 pension amount, initial 3% equals $1200.00 a year COLA raise. That amount, $1200, never changes, it stays the same year after year. State employees get compounded raises, CPD does not. Let the downvoting begin.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The article is incorrect. There is no annual 3% increase in CPD pensions. There is a one time 3% increase on pensions after the retiree reaches a specific age and has been retired for one year. The original 3% amount never goes up and is not compounded. As an example, $40,000 pension amount, initial 3% equals $1200.00 a year COLA raise. That amount, $1200, never changes, it stays the same year after year. State employees get compounded raises, CPD does not. Let the downvoting begin.