After a long and contentious year of attempts to fix Chicago's expensive and ailing pension system, leaders have been warned that continuing to not do anything may cost the city an extra $1.5 billion per year in just a few years' time.
The Chicago Tribune reports that city aldermen received the tough news as part of a lengthy meeting with Mayor Rahm Emanuel and the mayors of many other Illinois cities and towns - a gathering designed to pressure Governor Pat Quinn to take action on substantial state-wide public pension reform.
Chicago's municipal leaders fear that the realities of dealing with those extra costs, expected to make a massive leap by 2016, will require massive cuts in services and a potential tripling of existing city property taxes to help cover the pension fund needs.
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