Bill Boosting Police, Firefighter Pensions Made Chicago’s Dire Financial Condition Worse: Ratings Agency

Capitol Fa - Your Illinois News Radar » Barely, if ever, mentioned: That controversial pension bill unanimously passed both chambers CapitolFax.com

* Crain’s… The comment came on the heels of Gov. JB Pritzker signing a pension bill, easily approved by the General Assembly with a veto-proof majority, that increased retirement benefits for so-called Tier 2 police and firefighters who began work after 2011 when the state reformed how pensions are calculated. * Tribune… “In recognition that this particular amendment [...]

Bill Boosting Police, Firefighter Pensions Made Chicago’s Dire Financial Condition Worse: Ratings Agency – WTTW (Chicago)

“With the passage of this legislation, the prognosis for Chicago’s long-term fiscal health has weakened,” S&P analysts led by Scott Nees wrote. “Chicago will now face a steepening outyear pension cost curve even as it currently faces a fiscal 2026 budget gap that we already expected would probably be the largest in the city’s history.”

Bill Boosting Police, Firefighter Pensions Made Chicago’s Dire Financial Condition Worse: Ratings Agency