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Wed January 8, 2014
Quinn Signs Another Pension Measure
Gov. Pat Quinn has signed a pension-reform measure for the Chicago Park District.
The legislation Quinn signed Tuesday is designed to deal with a $971 million deficit in the district's pension program. When lawmakers approved it in November, experts hailed it as example of compromise for what was then an elusive solution to the five state pension systems' $100 billion hole.
The legislation requires employees to put 3 percent more of their salaries into their pensions and reduces annual cost-of-living adjustments to 3 percent or half the rate of inflation -- whichever is less.
The deal was reached between administrators and the Service Employees International Union.
Lawmakers agreed last month on a statewide reform measure, which Quinn also signed