Chicago Firefighter Pension Fund Could Pay More
Posted on 05/09/2023
Chicago Mayor Lori Lightfoot says new firefighter pension bills will cost taxpayers US$ 3 billion over the next 32 years. The bills are sponsored by Sen. Robert Martwick (D-Chicago) and Sen. Cristina Pacione-Zayas.
One of the bills would increase benefits for Chicago firefighters hired after Jan. 1, 2011, to make cost of living adjustments equal to the Consumer Price Index. The other bill would change the final average salary used in determining the pension. “We don’t need a bunch of unfunded mandates for pensions,” Lightfoot said.
The Chicago Firefighters Pension Fund is currently 20% funded.
