www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Travel & Recreation
 About Illinois
 Illinois.gov

Stay Informed

Your Government


Illinois Flag Honors

Inspector General


 IGNN: State/All Press Release

ILLINOIS NEWS
The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.


FOR IMMEDIATE RELEASE
January 16, 2004

Governor Signs Chicago Pension Bill
Early retirement option helps to avoid city worker layoffs

CHICAGO – – Governor Blagojevich today signed a bill into law that provides a program of early retirement incentives to City of Chicago workers. With the passage of the bill an estimated 600 city workers will not be laid off.
 
House Bill 600 amends the Chicago Police, Chicago Firefighter, Chicago Municipal, Chicago Laborers, and Chicago Park District pension codes for an early retirement package. The new law allows city workers to purchase years of service or make additional pension payments in order for them to retire earlier.
 
This bill sets pension agreements between the City of Chicago and its four pension funds (Fire, Police, Laborers and the City) and affected labor organizations and between the Chicago Park District, its Pension Fund and affected labor organizations.
 
With the passage of HB 600, the city estimates that the incentive will result in additional budgetary savings of $15 million in 2004 and avoids over 600 layoffs of employees.
 
The bill, which has no financial impact on the state, received bipartisan support. Senate President Emil Jones (D-Chicago) and Speaker Michael J. Madigan sponsored the bill. Other sponsors include Representatives Barbara Flynn Currie (D-Chicago); Richard T. Bradley (D-Chicago); Edward J. Acevedo (D-Chicago); Deborah L. Graham (D-Oak Park); and Ralph C. Capparelli (D-Chicago) and Senators Jacqueline Y. Collins (D-Chicago); Edward D. Maloney (D-Chicago); Mattie Hunter (D-Chicago) and Iris Y. Martinez (D-Chicago).


###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us