Mayor Rahm Emanuel proposed a new tax on residents’ and businesses’ water bills on Wednesday to generate additional revenue to prevent the city’s largest pension fund from going insolvent within the next decade.

At an investor presentation held at the Chicago Symphony Hall, Mayor Emanuel outlined his plan for the Municipal Employees’ Annuity and Benefit Fund (MEABF), the last of the city’s four pension funds without a stable revenue source to pay out benefits to retirees. A previous plan to amend the city’s payment schedule was found unconstitutional by the Illinois Supreme Court earlier this year, because it would have reduced benefits owed to existing retirees.

Want to read the whole article?

Daily Line subscribers get full access to every article published on The Daily Line, including our full archives and receive free or discounted admission to our special events.
Sign up