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Quinn Signs Chicago Pension Bill

Quinn Signs Chicago Pension Bill

Photo: Newsradio WTAX

Gov. Pat Quinn has signed legislation that would help Chicago reduce a multi billion-dollar pension shortfall but could lead to a property tax increase.

Quinn had given little hint of his plans ahead of the signing, aside from saying that he opposes raising property taxes. Chicago has the worst-funded pension systems of any major U.S. city.

Mayor Rahm Emanuel pushed for the law. It would affect about 57,000 laborers and municipal employees and retirees. It would nearly eliminate the $9.4 billion shortfall in those funds by cutting benefits and increasing contributions for the city and employees. Emanuel has said he wants the additional contributions to come from a property tax increase.

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FILE - In this March 6, 2013 file photo, Illinois Comptroller Judy Baar Topinka gestures on the House floor at the state Capitol in Springfield, Ill. Topinka, who won a second term in November 2014, died early Wednesday morning, Dec. 10, 2014, less than 24 hours after having a stroke, according to her office. She was 70. Topinka previously served three terms as Illinois state treasurer, was a former Illinois GOP chairwoman and ran for governor in 2006.

Illinois Gov. Pat Quinn is scheduled to announce the successor to late Comptroller Judy Baar Topinka at a Friday event in Chicago.

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