Chicago's mayor and police and fire unions are pleased with Illinois Senate action to re-approve legislation for a five-year savings plan on pension contributions.
Mayor Rahm Emanuel and the unions issued a joint statement thanking the Senate for its vote to override Gov. Bruce Rauner's veto of the measure.
The plan would allow Chicago to reduce payments to fire and police pensions for five years. Democratic Senate President John Cullerton says without the legislation, Chicago taxpayers would face a $300 million property tax increase.
Emanuel, the Fraternal Order of Police and the Chicago Firefighters Union say the bill resulted from months of compromise.
Republican governor Bruce Rauner vetoed it. He says it will cost taxpayers $18.6 billion more over the coming decades.
