McPier jobs to be cut by 20 percent

CHICAGO (AP) — The Metropolitan Pier and Exposition Authority has decided to institute an early retirement program and layoff employees to cut its work force by 20 percent.

The board that runs Chicago's McCormick Place and Navy Pier voted unanimously Monday to reduce its work force of 500 people.

The authority reports it expects its deficit to climb to $28.8 million in the fiscal year ending in June. Officials say while the 20 percent reduction in employees won't eliminate the deficit, it will save the authority $16.5 million annually when fully implemented.

The agency projected a deficit of $8.6 million for the fiscal year, but officials said the recession has affected revenue.

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Information from: Chicago Tribune, http://www.chicagotribune.com