Governor Pat Quinn Signs "Pension Reform Bill" Into Law - Will Chicago Be Forced To Raise Real Estate Taxes By 60%?

Governor Pat Quinn of Illinois just signed the Pension Reform Law Bill. Here is what this means for those affected by the bill, both taxpayers and recipients of pensions in the State and municipalities of Illinois:

• Mayor Daley of Chicago says Pat Quinn's signing of the "Pension Reform Bill" will signal the largest increase in property taxes in the history of Chicago
• The Pension Reform Bill means cities in the state of Illinois must now contribute more money into the pension funds of firefighters and law enforcement officers
• Mayor Richard Daley of Chicago said, "The direct result's of the Governor's actions will be a massive property tax hike for Chicago residents of at least $550 million, or about a 60% increase . . . "
• The new law forces municipalities to raise contributions to their underfunded pension funds.
• In exchange, benefits will be decreased for officers or firefighters hired on or after January 1, 2011.
• The Pension Reform Law pushes back the full retirement age from 50 to 55.
• The Pension Reform Law will limit the maximum salary at which a pension amount is based.
• Lastly, the new law stops the practice of promotions and raises in the last year of service so as to pump up one's pension benefits.