Chicago’s need for pension reform has been well-documented. The largest city in Illinois is heading toward trouble and Mayor Rahm Emanuel is stuck between a rock and a hard place trying to find a solution to pay off the pension deficit. Springfield finally passed his pension reform bill and now it sits on Gov. Pat Quinn’s desk, but that only covers part of the problem. The governor has said he will take his time before deciding to sign or veto the bill.
The municipalities, ranging from the suburbs to downstate, are primarily suffering from the rising payouts to firefighters and police officers, as evidenced in the graphic below from the Chicago Sun-Times.