Chicago mayor proposes city ordinance to boost pension funding

Chicago Mayor Rahm Emanuel on Wednesday proposed an ordinance that would lock in higher city payments to two pension funds after state legislation to do so became mired in Illinois' political stalemate.The ordinance would put payments for the city's municipal and laborers' pensions on a five-year ramp to reach actuarial levels that would make the retirement systems 90 percent funded by the end of 2058.Without the additional money, the two pension funds would become insolvent within 10 years.