# 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](https://www.chicagopolitics.org/tracker) › [36th Ward: Gilbert Villegas](https://www.chicagopolitics.org/ward/36) - Record number: **R2025-0019796** - Type: Resolution; category: Illinois, State Of - Status: In Committee (Re-Referred) - Sponsor: [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36th Ward) - Co-sponsors (2): [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45th Ward), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (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](https://chicityclerkelms.chicago.gov/Matter/?matterId=F8891AE1-EE97-F011-B4CB-001DD83086C0) ## Impact report > Written by AI from [the official document](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d0f1aec9-d816-4cea-a39d-dfce518a557e.pdf). 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](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d0f1aec9-d816-4cea-a39d-dfce518a557e.pdf) (Legislation) ## Related legislation **More from Gilbert Villegas** - [Tribute to late Michael Keller Ditka](https://www.chicagopolitics.org/matter/R2026-0029456-tribute-late-michael-keller-ditka) (R2026-0029456, introduced Oct 14, 2026, Referred) - [Amendment of Municipal Code Section 2-44-055 establishing scoring criteria for 9% tax credits](https://www.chicagopolitics.org/matter/O2026-0029453-scoring-criteria-9-tax-credits) (O2026-0029453, introduced Oct 14, 2026, Referred) - [Exemption from physical barrier requirement for commercial driveway alley access for Best West Auto Repair, Inc.](https://www.chicagopolitics.org/matter/O2026-0027919-exemption-physical-barrier-requirement-commercial-driveway) (O2026-0027919, introduced Sep 23, 2026, Passed) **More on Illinois, State Of** - [Call on Illinois Governor J.B. Pritzker to exercise eminent domain to keep Joslin plant open and to immediately rehire workers at same…](https://www.chicagopolitics.org/matter/R2026-0028799-call-illinois-governor-j-b-pritzker) (R2026-0028799, introduced Sep 23, 2026, Referred) - [Call on Illinois General Assembly to pass POWER Act, House Bill 5513](https://www.chicagopolitics.org/matter/SR2026-0028728-call-illinois-general-assembly-pass-power) (SR2026-0028728, introduced Sep 23, 2026, Adopted) - [Call on Illinois General Assembly to pass Senate Bill 2801 and House Bill 4471 prohibiting sale or transfer of semi-automatic handguns to…](https://www.chicagopolitics.org/matter/R2026-0026274-call-illinois-general-assembly-pass-senate) (R2026-0026274, introduced Jun 17, 2026, Referred) Sources and methods: [how we get and count this data](/about#methods) · [report an error](/about#corrections) --- Source: https://www.chicagopolitics.org/matter/R2025-0019796-call-illinois-general-assembly-enact-legislation · Chicago Politics, an independent tracker of the Chicago City Council. 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