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In an email sent to aldermen Wednesday, Intergovernmental Affairs staffer Samantha Fields provided briefing documents revealing elements of a plan from Mayor Rahm Emanuel to fund 90% of the Municipal Employees’ Annuity and Benefit Fund (MEABF) liabilities by 2057. The plan involves creating a new “Tier 3” of employees hired as of January 1, 2017 with a later retirement date and ramping up payments over the 40 year period, ultimately reaching $2 billion a year.
The email from Fields lacks a complete narrative of the plan, sticking to accolades as to value of the Mayor’s plan. Instead the reader is forced to understand the program through a series of background documents.
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