Chicago Aldermen are warned of steep price as Rahm Emanuel makes pension reform push

$1.5 billion a year cost to fix pensions?

(When was the last time you seen any mayor of Chicago with all white people standing behind him?)

Absent significant pension system reforms, it would cost the city an extra $1.5 billion a year beginning in 2016 to start the process of restoring financial health to its pension funds, aldermen were warned Monday. If those costs kicked in, services would be cut, taxes would soar or both. Continuing to rely solely on property taxes to cover pension costs would result in a tripling of the city levy, said Ald. Patrick O'Connor, 40th, chairman of the Workforce Development and Audit Committee. CLICK FOR THE FULL NEWS STORY