Call on Illinois General Assembly to enact legislation to authorize Chicago re-amortization of Public Pension Debt as part of comprehensive pension refinancing strategy
Legislation tracker › 36th Ward: Gilbert Villegas
- Record number: R2025-0019796
- Type: Resolution; category: Illinois, State Of
- Status: In Committee (Re-Referred)
- Sponsor: Gilbert Villegas (36th Ward)
- Co-sponsors (2): James M. Gardiner (45th Ward), Anthony V. Napolitano (41st Ward)
- Committee: Joint Committee: Finance; Workforce Development
- Submitted Date: Sep 22, 2025
- Introduction Date: Sep 25, 2025
- Official record: Office of the City Clerk
Impact report
Written by AI from the official document. AI can make mistakes; the official document always wins.
This resolution asks the Illinois General Assembly to pass a law letting Chicago change how it pays down its pension debt, using a new plan that includes pension bonds, earlier yearly payments, and level payments starting in 2033.
Who it affects
- Chicago taxpayers: The resolution says the plan would save taxpayers an estimated $10.5 billion compared to the current payment schedule and would avoid the need for a tax increase to fund the change.
- City workers and retirees in the four pension funds: The plan says it would keep all benefits workers have earned and aims to raise the funds' combined funded level to 82% by 2055, compared to 77.5% under the current schedule.
- Police officers in the Policemen's Annuity and Benefit Fund: Their fund's payment schedule, now set through 2055, would be replaced by the new refinancing plan if the state approves it.
- Firefighters in the Firemen's Annuity and Benefit Fund: Their fund's payment schedule, now set through 2055, would be replaced by the new refinancing plan if the state approves it.
- Municipal employees and laborers in the MEABF and Laborers' Fund: Their funds' payment schedules, now set through 2058, would be replaced by the new refinancing plan if the state approves it.
- Residents who use city services: The resolution says the plan would free up city money that could be used to fund essential services.
What changes
- The City would borrow about $1.7 billion through pension bonds to pay down pension debt earlier.
- The City would make its full yearly pension payment on the first day of each fiscal year.
- Starting in 2033, the remaining pension debt would be paid in equal yearly amounts instead of steadily rising amounts.
- The City would pay somewhat more into the pension funds in early years than the current schedule requires.
- Copies of the resolution would be sent to the Governor, state legislative leaders, and Chicago's state lawmakers.
Money
- About $1.7 billion in pension obligation bonds would be issued by the City between FY 2026 and FY 2032, with all proceeds paid into the pension funds.
- An estimated $10.5 billion in total savings for the City and its taxpayers over the payment period, compared to the current schedule.
- An estimated $2.3 billion of savings for taxpayers from moving all yearly pension payments to the first day of the fiscal year.
Where: 36th Ward
Timeline
- Sep 25, 2025: Referred, City Council. The matter was Referred to Committee.
- Sep 25, 2025: Referred, City Council. The matter was Referred to Committee.
- Oct 15, 2025: Recommended for Re-Referral, Committee on Finance. The matter was recommended for Re-Referral by controlling legislative body.
- Oct 16, 2025: Recommended for Re-Referral, Committee on Finance. The matter was recommended for Re-Referral by controlling legislative body.
Documents
- Re-amortization Resolution.pdf (Legislation)
Related legislation
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