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Chicago pension rescue targets $9.4 billion deficit

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.

By Tim Jones and Brian Chappatta | Updated on June 10, 2014

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.

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