Firefighters making renewed push for pension bill that could saddle city with $30M in annual costs – Chicago Sun-Times

It would remove the “birth date restriction” that prohibited 2,200 active and retired firefighters born after Jan. 1, 1966 from receiving a 3% annual cost of living increase. Instead, they get half that amount — an annual increase of 1.5% that is not compounded.
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Mike Mike
6 years ago

The article has what seems to be contradictory information. “It would remove the ‘birth date restriction’ that has prohibited roughly 2,200 active and retired firefighters born after Jan. 1, 1966 from receiving a simple, 3% annual cost of living increase.” Then later in the article this from State Senator Robert Martwick: “Remember, they have traditionally given that 3% simple COLA [Cost-of-living adjustments] to these firefighters. They’re going to get that. This just writes it into law.” So how many, if any, are actually receiving a 1.5% non compounded annual annuity increase? As opposed to receiving a 3% non compounded annual… Read more »

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