Emanuel Pension Payoff Plan Intriguing To Civic Federation

Craig Dellimore
December 13, 2018 - 6:00 am

CHICAGO (WBBM NEWSRADIO) -- A fiscal watchdog has both concerns and compliments for Mayor Emanuel's proposal for bringing down Chicago's city pension debt.

Laurence Msall, president of the Civic Federation, said Wednesday the mayor is doing the right thing in calling for changes in the Illinois Constitution to remove some pension benefit protections.

He agrees a 3 percent annual costs of living adjustment is no longer practical.

But Msall wants more information on the $10 billion in bonding Emanuel proposes. There’s risk involved, he said. He’s concerned about how much money the city would have available if another financial crisis comes.

Tax revenue from a Chicago casino or legalized marijuana are not reliable, Msall said.

Still, he said, every possible source of revenue should be dedicated to pensions if there is ever to be "real" action. 

Msall praised Emanuel for trying to take such action.