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October 24, 2014, 10:28 am
970 WMAY News

Plan Would Freeze Public Safety Pension's Cost-Of-Living Increases


Retired cops and firefighters in Illinois could face a 10-year freeze on cost-of-living increases in their pension benefits… if lawmakers approve a plan put forward by a mayors’ group.

 

The proposal from the DuPage Mayors and Managers Conference would replace the current three-percent COLA, compounded annually… a benefit that the group says is unsustainable.

 

After the 10-year freeze, a smaller, non-compounded cost-of-living increase would be applied.

 

The mayors say if nothing is done, police and fire pension funds will go broke, and those first responders will have nothing in their retirement years.

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