Gov. Pat Quinn on Tuesday signed legislation aimed at tackling the Chicago Park District's pension program, which is $971 million in the red.
District administrators and SEIU* came to an agreement on the deal, which asks employees to kick in 3 percent more toward their pensions. Annual cost-of-living adjustments (COLAs) were also scaled back to 3 percent or half the rate of inflation, depending on which option is less, according to the Associated Press.
The legislature signed off on the bill, SB 1523, in November, a month before state lawmakers approved a controversial statewide pension reform plan that Quinn also signed.
*The SEIU Illinois Council sponsors this website.