Chicago?s mayor, Rahm Emanuel, has proposed and begun implementing a plan to reform two of the four majorly unfunded public employee pension fund. The plan includes raising property taxes to bring in an additional $250 million in revenue over the next five years. Additionally, Mayor Emanuel proposes increasing current employees? contributions by about 29%. The focus of the plan is to ?share-the-pain? and to make sure that benefits do not get cut for those who have made their contribution and for those making contributions currently. Although union leaders had agreed to the current plan, none have stepped forward to help push the compromise through its last political hurdles. The unions contributing to the two pension funds not covered by this agreement are currently engaged in talks with the Mayor Emanuel?s administration.
See "Emanuel begins formidable job of trying to sell pension plan", Fran Spielman & Lauren Fitzpatrick, Chicago Sun Times, April 1, 2014