Emanuel urges Illinois lawmakers to act on pensions
SPRINGFIELD - Chicago Mayor Rahm Emanuel is asking Illinois lawmakers to help him reduce city pension costs and he warns that inaction could lead to a huge tax increase.
Emanuel visited the state Capitol on Tuesday and testified about his proposal to cut pension costs. He wants to raise the retirement age, make city employees contribute more to their pension funds and halt cost-of-living increases for retirees.
His proposal resembles Gov. Pat Quinn's plan for state pensions.
Emanuel also wants the state to contribute pension money for Chicago teachers, as it does now for other teachers across Illinois.
Emanuel says that without these changes, Chicago residents could face a 150 percent increase in taxes.
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