Emanuel pension plan drawing fire from all sides

The Chicago Sun-Times reports:

Chicago homeowners and businesses would face annual property tax increases to solve the city’s pension crisis — but a balloon payment to shore up police and fire pensions would be put off until 2022 — under legislation backed by Mayor Rahm Emanuel that is drawing fire from all sides.

Fraternal Order of Police President Mike Shields flatly declared that the bill introduced at the close of the spring legislation session by Senate President John Cullerton (D-Chicago) stands no chance of passing because police and fire unions will work to defeat it.

In 2015, the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities.

The mayor’s City Council floor leader has repeatedly suggested that the General Assembly “relieve us of these artificial dates they’ve put on us and allow us to solve the pension problem over time.” A seven-year “ramp up” was built into a tentative contract with police sergeants but overwhelmingly rejected by the rank-and-file after Shields worked to defeat it.

The great moments of one party rule.