Chamber Passes Resolution on Pension Reform
Chicago, IL – On October 25, the Chicagoland Chamber of Commerce Board of Directors unanimously approved the following resolution on Public Employee Pension Reform, which was previously approved by the Chamber’s Public Policy Committee:
The Chicagoland Chamber of Commerce continues to advocate for the need for immediate substantive public pension reform at the state, county and municipal levels of government to address the pension liabilities facing Illinois, Cook County and the City of Chicago through adjustments to current employee pension and retirement benefit plans. As part of the meaningful substantive reform that should be implemented, the Chicagoland Chamber of Commerce calls for the shifting of financial responsibility for local pension obligations from the State of Illinois to those local governments incurring such obligations. The Chamber believes that there needs to be an alignment of accountability and responsibility between incurring such obligations and being financially responsible for them.
Further, while we believe that substantive structural reform of pension and retirement benefit plans remains the highest priority for state, county and local government to restore Chicago to a world class business environment and end the fiscal crisis now burdening business and economic development in Chicago, the Chicagoland Chamber of Commerce supports the passage of the proposed Constitutional Amendment regarding extraordinary approval thresholds regarding pension and retirement benefit increases to stem further erosion of Illinois’ fiscal condition.
At the Board meeting, Chicagoland Chamber of Commerce Public Policy Committee Chair Mark Segal presented the resolution after providing an update on the Committee’s recent support of pension reform, which includes shifting cost of local pension obligations to downstate and suburban school districts from the State and supporting the proposed constitutional amendment regarding pension and retirement benefit increases, which was defeated on November 6.
“Pension reform continues to be the most serious fiscal problem facing the City of Chicago, the State of Illinois, and Cook County,” stated Segal. “The business community advocates for meaningful structural change, urging that legislators make hard choices and implement major reforms. Today, we’re focused on one component of that structural reform, shifting financial responsibility for pension obligations from the State to local governments. The time remaining to achieve a comprehensive solution to avoid raising taxes or cutting critical government services is quickly running out.”
Click here to download a PDF of this news release.
For More Information, Contact:
Chicagoland Chamber of Commerce
John Carpenter, Executive Vice President and Chief Operating Officer