Chicago mayor seeks to phase in higher pension payments

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. Under an Illinois law, Chicago's contributions to its police and fire pension funds will increase by about $550 million next year. Another state law allowing cost-saving pension cuts to shore up Chicago's municipal and laborers' retirement funds is at risk of being voided as unconstitutional in stat