Bill to boost Chicago police pensions would cost taxpayers $3 billion – Illinois Policy

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.
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Zephyr Window
4 years ago

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.

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