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Moody's Corporation

Judge finds city's changes to pension funds unconstitutional

Judge finds city's changes to pension funds unconstitutional

Mayor Rahm Emanuel's administration said it will appeal a Cook County judge's decision Friday that ruled unconstitutional a state law reducing municipal worker pension benefits in exchange for a city guarantee to fix their underfunded retirement systems. The 35-page ruling by Judge Rita Novak, slapping down the city's arguments point by point, could have wide-ranging effects if upheld by the Illinois Supreme Court. Her decision appeared to also discredit efforts at the state and Cook County levels to try to curb pension benefits to rein in growing costs that threaten funding for government services. The issue of underfunded pensions, and how to restore their financial...

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