Debate over Protecting Pensions

Mayoral candidate Garry McCarthy on Tuesday proposed annexing suburban communities — including Norridge, Oak Park, Oak Lawn and Evergreen Park — to generate revenue needed to chip away at a looming $1 billion spike in pension payments.

During an endorsement session before the Chicago Sun-Times editorial board, McCarthy suggested annexation as a double barreled solution to Chicago’s alarming loss of population and the $270 million pension payment in the 2020 budget that will be the first for Chicago’s newly-elected mayor….

Daley was alone among candidates in the first group in advocating for an amendment to the Illinois constitution to change a pension protection clause that states that those benefits “shall not be diminished or impaired.”

Joyce […] strongly disagreed, noting that retirees “held up their end” and deserve what they were promised.

“Whether it be a first responder who agreed to run through a burning building or run into a shoot-out, they didn’t say, `If there’s not enough money, I won’t do that,’ “ Joyce said.

“To change the constitution and take that benefit away from them is not only unjustified. It’s morally reprehensible.”

Read more at Chicago Sun-Times.