Gov. Bruce Rauner has vetoed legislation to overhaul a Chicago public employee pension program. He says it creates a fiscal cliff that will boost taxes beginning in 2023.
The Legislature sent Rauner the plan in January. He indicated then he didn't support it. It would have required laborers and municipal workers to contribute more to their retirement. In exchange they could retire at 65 instead of 67.
It also would have raised revenue from increased taxes on water and sewer services. Rauner says the combined deficit in Chicago's pension funds is $30 billion. A similar measure has been reintroduced in the Senate.
