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Chicago talks pension reform while waiting for governor

from The Bond Buyer

Chicago needs Illinois Gov. Pat Quinn to sign legislation overhauling two of its pension funds so it can move on to a more elusive fix for its other two funds, the city's top fiscal officer said. "We really need the governor to sign" the legislation overhauling the laborers and municipal workers' funds "so we can begin the tougher task of dealing with police and fire," said Chicago chief financial officer Lois Scott. The legislation trims benefits including cost of living adjustments, and raises city and employee contributions. more

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