Just shy of an expected vote on the Mayor’s proposed water-sewer tax hike, City Council’s Progressive Caucus is demanding to see the numbers behind the proposal to shore up the Municipal Employees’ Annuity and Benefit Fund (MEABF). The Mayor’s Office has said without the plan, the fund is headed for insolvency within a decade.
“As everyday Chicagoans have faced drastic property tax increases, we as elected representatives need to ensure that the proposed fee will in fact cover the payment schedule that has been laid out before we can even consider voting on this,” Ald. Scott Waguespack (32) said in a statement released yesterday. On August 11, the Caucus requested a breakdown of what rates of return were used to calculate the amount that will have to be paid into the pension funds from the City’s corporate fund.