June 10 (Bloomberg) -- Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.
The law is a partial solution to addressing the city’s pension shortfall as it restructures two systems beset with a combined $9.4 billion in unfunded liabilities for about 60,000 municipal workers and retirees. The city council now must come up with a plan to finance the measure.
“I recognize that Chicago’s mission to find real solutions to its financial challenges will not be easy,” Quinn said in a prepared statement after signing the measure yesterday.
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