Chicago Talks Pension Reform While Waiting for Governor

The Bond Buyer reports:

Chicago needs Illinois Gov. Pat Quinn to sign legislation overhauling two of its pension funds so it can move on to a more elusive fix for its other two funds, the city's top fiscal officer said Wednesday.

"We really need the governor to sign" the legislation overhauling the laborers and municipal workers' funds "so we can begin the tougher task of dealing with police and fire," said Chicago chief financial officer Lois Scott. The legislation trims benefits including cost of living adjustments, and raises city and employee contributions.

The comments came during a panel discussion on the city's financial future during a conference Wednesday -- "After Detroit: How will Illinois and its Communities Respond" — hosted by the Civic Federation of Chicago and the Federal Reserve Bank of Chicago.

The diminishing returns of one party rule.