CHICAGO (AP) — Chicago Mayor Rahm Emanuel says a new law that'll overhaul two of the city's pension systems is step toward correcting years of financial challenges.
In a statement Monday, Emanuel says he'll work with the City Council to address other sources of revenue aside from a property tax increase.
Gov. Pat Quinn signed a law Monday that'll address about 57,000 laborers and municipal employees and retirees. It would nearly eliminate the $9.4 billion shortfall in those funds by cutting benefits and increasing contributions for employees and retirees. Major parts of the law take effect in January.
Quinn urged Chicago officials not to seek a property tax increase for additional contributions. Emanuel has previously said the tax increase was necessary.
Chicago has the worst-funded pension systems of any major U.S. city.