December 3, 2010, BY DAVE McKINNEY AND FRAN SPIELMAN Staff Reporters
The Illinois Senate on Thursday approved police and firefighter pension legislation that Mayor Daley warned would blow a $550 million hole in the city budget, but the top Senate Democrat pledged to try softening that financial hit next month.
The measure, which passed 46-4 and now heads to Gov. Quinn, essentially is a trade-off between police and fire unions wanting to keep their pension funds solvent and local governments aiming to cut pension costs.
Municipalities won pension cutbacks for incoming cops and firefighters, including bumping up the retirement age with full benefits from 50 to 55, limiting retirement cost-of-living increases and capping the final salary upon which pensions are based, among other things. Existing public-safety workers aren’t affected.