“The problem in the retirement systems is not the cost of the benefit. The problem is the city’s failure over decades to pay a responsible actuarially-based share of the contributions,” he said.

Under the mayor’s plan, city workers’ annual cost-of-living adjustments on their pensions would fall from 3 percent a year, compounded, to a straight benefit of half the rate of inflation, or 3 percent, whichever is less.

Lindall said city workers always have paid their share, but the city repeatedly skipped or delayed its required payments.

“Now, regrettably, rather than working together to solve that funding problem in a way that everyone can support, the mayor [and] General Assembly pushed through drastic cuts to the pension benefit,” he said.
Labor Unions Plan To File Lawsuit Against City Pension Reform Law « CBS Chicago