Lawsuit in regard to Public Act 098-0622 (Senate Bill 1523)
On Wednesday, October 14, 2015, the Fund was served a summons and complaint which challenges Public Act 098-0622 on the grounds that this amendment to the Illinois Pension Code diminishes and impairs the benefits of participation in the Fund.
On Wednesday, October 19, 2016, the judge presiding over the case signed an agreed upon order that grants interim relief to the retirees of the Fund. As such, any annual increase that annuitants would have been entitled to since January 1, 2015 will be paid out through November 1, 2016. Pending further order of the court, the increased tax levy to be paid by the Chicago Park District shall continue to be 1.7 times the amount of employee contributions and the amount of employee contributions will remain at 10% for 2017. The next status hearing is set for July 13, 2017.
We will provide additional information as the case proceeds.