Gov. Pat Quinn signed into law a pension deal for the Metropolitan Water Reclamation District. Is this plan the blueprint for other state pensions? David St. Pierre, the Executive Director of Chicago's MWRD, joins us on Chicago Tonight at 7:00 pm with insight on the plan.
On August 3, Quinn signed HB 4513, providing the following pension reforms to the MWRD Retirement Fund: phases in increased employee contributions to the fund; requires additional employee contributions for survivor’s annuity and annual increases; increases employer contributions to the fund; and requires the MWRD to make actuarially-determined contributions to reach 90 percent funding by 2050.
View the full text of HB 4513 in the PDF below, and view the interactive graphic below to see how Senate members voted on the bill.