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October 24, 2014, 2:45 am
970 WMAY News

Pension Proposal Would Freeze COLAs For Police And Firefighters For 10 Years


Cost-of-living increases could be frozen for 10 years for retired police and firefighters, under a proposal aimed at making their pension funds solvent over the next few decades. 

 

The proposal comes from a group of DuPage County mayors, who says the current 3-percent compounded cost-of-living increase has made those pension funds unsustainable and at risk of collapse.  Downers Grove Mayor Martin Tully says Illinois lawmakers will have to scale back benefits now… and resist the temptation to add future sweeteners… or the pension funds could collapse, leaving police and firefighters around the state with no benefits at all. 

 

Springfield currently has an unfunded public safety pension liability of more than $230 million.

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