Quinn Signs New Pension Law, Daley Disappointed

Illinois Gov. Pat Quinn has signed legislation affecting the pension system for law enforcement officers and firefighters.

Quinn signed the law Thursday. His office says it will stabilize pension systems and protect retirement benefits for the officers and firefighters. However Chicago Mayor Richard Daley says he's disappointed Quinn signed the law, saying it will burden Chicago taxpayers.

The new law will affect those hired on or after Jan. 1. Quinn's office also says it will help municipalities fund pensions.

Daley's office says the new law will increase the city's annual police and fire pension contribution from an projected $309 million in 2015 to about $856 million. The new law normalizes retirement ages, sets a maximum pension and begins monthly cost-of-living adjustments at age 60 for retirees and survivors.