Illinois Cuts Chicago a Pension Break as Its Own Finances Spiral
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Chicago won some relief from its pension burden as Illinois’s legislature cut required payments into police and fire retirement systems. Yet lawmakers failed to agree on a budget, deepening a crisis that threatens the state and city alike.
The Senate voted 38 to 20 Sunday for a bill that would reduce Chicago’s payments over the next five years in a move meant to relieve immediate pressure, though it doesn’t address the city’s risk of insolvency from $20 billion in unfunded liabilities.