Retirees Lose One Battle
- A federal appeals court has given Mayor Rahm Emanuel the green light to save $27 million in 2015 by forging ahead with a three-year phase-out of the city’s 55-percent city subsidy for retiree health care.
In July, the Illinois Supreme Court ruled that subsidized health care premiums for state employees are protected under the state Constitution and that the Illinois General Assembly was "precluded from diminishing or impairing” that benefit.
Attorneys representing the city’s 28,000 retirees and their dependents argued that the high court ruling “substantially increased” their chances of prevailing on the merits.
They wanted the 7th Circuit U.S. Court of Appeals to force Emanuel to roll back their monthly health insurance premiums to 2013 levels.
That’s when Emanuel announced plans to phase out the 55-percent subsidy by January 2017 — but continue that coverage for the 5,500 oldest retirees — and force the younger retirees to make the switch to Obamacare.
So the higher rates take effect, even as the case proceeds forward at the federal level. Take note boys and girls, especially those hoping to retire this year or next or any time in the future actually. We may never have enough money to fully retire - ever.
Labels: info for the police