Even Rahm Has to Answer to the State Pension Issue

Chicago Mayor Rahm Emanuel’s biggest financial problem comes not from the city he runs, but from the state capital 200 miles south. Unless lawmakers in Springfield act to change the way public pensions are funded, the city in 2015 will have to come up with another $700 million for two of its four municipal pension funds. That’s a total of $1.2 billion – 22 percent of the entire city budget – to fund pensions for city workers.

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