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Chicago retirement revamp could cost $1.5 billion a year

Mayor Rahm Emanuel says the city will have to drastically cut services to meet mandated pension costs, unless state leaders can enact long-awaited reforms.

By Andy Stonehouse | Updated on October 02, 2012

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.

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