- Associated Press - Tuesday, April 8, 2014

CHICAGO (AP) - Chicago Mayor Rahm Emanuel says his plan to overhaul two city pension funds may be difficult to swallow, but will be worth it.

The Illinois Legislature approved the measure Tuesday, sending it to Gov. Pat Quinn.

Emanuel’s plan would reduce a $9 billion shortfall in funds covering 57,000 current and retired municipal workers and laborers. It would cut benefits and increase city and employee contributions to the accounts.

Emanuel wants to increase city property taxes by $750 million over five years to cover the increased contributions.

Speaking to reporters Tuesday night, Emanuel acknowledged the plan asks a lot of residents, employees and retirees. But he says it will help save the retirement funds from insolvency and avoid even larger tax increases.

Quinn hasn’t said if he’ll sign the bill.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide