Chicago mayor seeks to phase in higher pension payments

Chicago Mayor Rahm Emanuel speaks to the media after a campaign stop on election day in Chicago

CHICAGO (Reuters) – Chicago Mayor Rahm Emanuel on Friday called for phasing in higher, state-mandated payments to city pension funds to avoid a shock to the city’s budget and a big property tax hike. The move, which would require state legislation, was part of a plan released by Emanuel’s re-election campaign ahead of an April 7 runoff election against Cook County Commissioner Jesus “Chuy” Garcia, who also released his fiscal plan on Friday. Under an Illinois law, Chicago’s contributions to its police and fire pension funds will increase by about $550 million next year. …

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Source:: Yahoo News

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