The Chicagoland Chamber of Commerce is a long-time advocate for state and local government pension reform so we welcome Mayor Emanuel’s proposed funding plan as a compromised approach toward stabilizing the City’s fiscal situation.
“We need substantive, permanent pension reform in Chicago, and thisis a giant step in the right direction,” said Theresa E. Mintle, President and CEO of the Chicagoland Chamber of Commerce.
The City currently faces $19.5 billion in unfunded pension liabilities. The Mayor’s proposal requires increased contributions from city workers as well as a bump in property taxes, a plan which will place about 30 percent of the burden on employees and the rest on city and taxpayers.
“We recognize that there needs to be shared pain among the city, employees and taxpayers,” said Mintle. “While we are concerned about the long-term impact of raising property taxes on business owners, we know that pension reform opens the door for future economic growth and fiscal strength. The Chamber will continue to work with the City and elected officials to avoid unnecessary burdens on local business and ensure a friendly business climate for Chicagoland.”
Andree Dolan, Vice President, Communications & Programs
Chicagoland Chamber of Commerce
Telephone: (312) 494-6779
About the Chicagoland Chamber of Commerce
The primary role of the Chicagoland Chamber of Commerce is to make Chicagoland the most business-friendly region in America by enhancing our members’ success through programs in advocacy, member benefits and services, and actionable information. Serving as “The Voice of Business” since 1904, the Chambers leads public policy and business growth initiatives and creates meaningful events and programs to inform, engage and connect our members to each other and the community. Visit www.ChicagolandChamber.org for more information.