Chicago Mayor Rahm Emanuel’s plan for fixing part of the nation’s worst municipal pension crisis is now in the hands of state lawmakers — and it’s likely just the first of many from cities across the state seeking legislative help for their employee retirement funds.
The Democratic mayor’s proposal comes just months after the General Assembly finally tackled a plan — challenged in court — to deal with its own $100 billion pension problem. But Emanuel hasn’t yet addressed shortfalls in the city’s fire and police pension programs, a problem that nearly every large city in Illinois faces.
Chicago has the worst-funded public pension system of any major U.S. city, a distinction that could threaten its attempts to position itself as a modern transportation hub and a place for high-tech development.
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