Chicago mayor mum on looming pension issues in budget address

Chicago Mayor Emanuel listens as U.S. President Obama talks about the economy, in Northwestern University in EvanstonCHICAGO (Reuters) – Chicago Mayor Rahm Emanuel proposed a $8.9 billion election-year budget on Wednesday, keeping mum about looming pension challenges that could further damage the third-largest U.S. city’s credit ratings and trigger payments associated with its debt. The fiscal 2015 spending plan, which includes a $3.53 billion operating budget, allocates $557 million for Chicago’s four pension funds. That payment will top $1 billion in fiscal 2016 under an Illinois law that mandated higher city contributions to its police and fire retirement systems. …

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