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Pension alert is issued in Chicago budget talk

from The New York Times

Mayor Rahm Emanuel recently proposed a spending plan for his city next year that is full of nips and tucks: a 75-cent per pack increase in the cigarette tax, higher zoning permit fees for big developments, an end to some retirees’ health insurance subsidies and a rolling hiring freeze. Left alone, for now, were more controversial taxes, on property, sales and gasoline. But looming beyond Mr. Emanuel’s somewhat unsurprising $6.97 billion budget for 2014 are circumstances far more ominous: a pension system that is short by $19.5 billion. more

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