With $300 billion state pension liability, lawmakers approve Tier III plan for one unit of Chicago government – Center Square

According to HB417, new Chicago Park District employees will pay 11% of their salaries, instead of 9%, into the pension fund. State Rep. Martin McLaughlin supported the bill, but said, “Numbers don’t lie. Thirty years ago our pension cost made up 4% of our budget. Now it makes up almost 30% of our budget.”