Chicago pension fund sends thanks for the no vote on SB1920. | Fred Klonsky

Chicago pension fund sends thanks for the no vote on SB1920. | Fred Klonsky:

Chicago pension fund sends thanks for the no vote on SB1920.

by Fred Klonsky

In the final hours of the Illinois General Assembly, Mayor Emanuel conspired with Speaker Madigan and President Cullerton to try to pass SB1920 which would allow for another so-called pension holiday for CPS.
Rahm threatened (and continues to threaten) to raise class sizes if CPS was required to meet their pension obligation.
I advocated a no vote.
The bill failed to pass.
This morning the Chicago Teacher’s Pension Fund sent out a thank you to its members.

The Illinois House of Representatives rejected a measure which would have granted CPS an additional $350 million in pension funding “relief.”House Amendment #2 was heard and debated in the Illinois House of Representatives from 6 p.m. until 7:45 p.m. on Friday, May 31. The bill needed 60 votes to pass, but received only 39 votes.  Click here to read the roll call. The proposed legislation would have reduced CPS contributions to our pension fund to $350M in 2014 (from $612.7M) and $500M in 2015(from $631.5). We want to thank our members who called and e-mailed legislators, and asked elected officials to hold CPS accountable for paying their pension bills. We know that our members sent more than