Property taxes would increase and retirement benefits for some city workers would be cut under a proposal put forward by Chicago Mayor Rahm Emanuel to start alleviating the huge pension debt he inherited.
Under the plan, both taxpayers and city workers would pay more. The owner of a $250,000 home would pay $50 more a year starting in 2016, and after five years the homeowner would be paying and extra $250 a year.
At the same time, city workers would pay 2.5 percent more toward their retirement, increasing their contributions by 0.5 percent a year for five years. They now pay 8.5 percent of their salary each year for pensions and would eventually pay 11 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
