Illinois state lawmakers are warning key figures in Chicago and Cook County governments to draft back-up plans for their underfunded pensions.
Chicago Mayor Rahm Emanuel and Cook County Board President Toni Preckwinkle are both trying to approve changes to the retirement benefits their government workers receive because the funds are running out of money.
But that comes after the state Supreme Court called reductions in benefits to State of Illinois employees’ pensions unconstitutional.
State Representative Mike Zalewski told aides to Emanuel and Preckwinkle to get ready to find other ways to save cash from pensions.
“It’d probably be wise to let us consider Plan Bs for you if you’re not quite there yet mentally,” Zalewski said.
But the representatives from Chicago and Cook County held firm, saying their pension plans are legal.
