Rauner Vetoes Plan To Reduce Chicago Pension Payments
Gov. Bruce Rauner has vetoed a plan to reduce Chicago's payments to its police and fire pension funds for each of the next five years.
He says it's the kind of “irresponsible” practice that led to Illinois' deep financial woes.
Mayor Rahm Emanuel said after the Friday veto that the Republican governor “just told every Chicago taxpayer to take a hike.'' Emanuel says it will lead to ``the Rauner tax.''
The Legislature approved the measure last year. Democrats said it would save the retirement funds without crushing taxpayers.
Chicago's payments to the funds are set to jump to $840 million this year, up from $300 million. The legislation would have set the 2016 payment at $619 million.
Rauner called the measure “a game politicians like to play with taxpayers' dollars.”