The Giant Noodle
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Mayor Richard M. Daley (CBS)
The pensionable salary is capped, at just under $107,000.
But the legislation also requires Chicago and other municipalities across the state to move to a new funding formula. Under the new law, municipalities must fund the pensions for their workers at 90 percent by the year 2041.
CONTINUED: Daley Unhappy With New Pension Reform Law « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago