Junk-rated Chicago steps up payments to put its retirement funds on a path to solvency. (Photo: AP)

(Bloomberg) — Chicago will contribute $1.18 billion to pensions in 2018 as the junk-rated city steps up payments to put its retirement funds on a path to solvency, even as the unfunded liabilities keep growing.

The city will pay $792 million to the police and fire pensions, $344 million to the municipal workers’ fund and $48 million to the laborers’ fund next year, according to its annual financial analysis released Monday.

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