The Illinois General Assembly passed a bill that creates a new tier of benefits in the $329 million Chicago Park Employees' Annuity & Benefit Fund.
The changes affect employees hired on or after Jan. 1, 2022, in an amendment to a bill related to property tax levies passed May 31 by both houses of the Illinois General Assembly.
The amendment to the bill lowers the retirement age to 65 from 67 and raises the employee contribution to 9% from 7%, confirmed State Sen. Robert F. Martwick, who introduced the amendment May 19, in a phone interview. He also said the amendment gives the Chicago Park District the permission to issue a pension obligation bond if it so chooses and provides a new contribution schedule to reach a 100% funding ratio in 35 years.
Steve Swanson, the pension fund’s executive director, could not be immediately reached for further information.