| CUT THE PENSIONS OF CITY WORKERS: that's the remedy. The Chicago Teachers Union (CTU) is greatly disappointed at the signing today by Gov. Pat Quinn of Senate Bill 1922, a proposal by the mayor of Chicago that will cut the retirement savings of thousands of city workers and school employees, and a slap in the face to the citizens who put the governor in office.The worker retiring today under this "Emanuel's Law," earning an average of $23,000 a year will lose nearly $10,000 in earning power within twenty years. In 2034, this retiree's pension 20 years from now will only be worth $15,982 per year in today's dollars -- a pension in 2034 that is worth $7,018 less than the retiree's pension today. She will lose more than 18 percent of her total pension over 20 years." |
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At dianeravitch.net
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