Shortly thereafter, Governor Quinn signed this legislation into law.  While the bill is by no means perfect, it reduces pension liabilities by $3 billion and provides a much-needed first step towards further, and critical, reforms to our pension system.  I applaud both the Governor's and Mayor Emanuel's leadership in tackling this tough issue. 

I joined two of my colleagues on the City Council last evening on Chicago Tonight to discuss next steps in pension reform, including the need to reform police, fire and teachers' pensions.

As you know, I have written several times beginning in 2012 about the risks of failing to reform our pensions, and led City Council hearings and a town hall meeting on the issue. I look forward to working with my fellow aldermen and the Emanuel administration to devise a plan to address all of Chicago's pensions.

I will keep you updated as we continue to address this vital public policy and economic sustainability initiative.