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December 12, 2018

Mayor Rahm Emanuel on Wednesday morning presented City Council with his road map to confront Chicago’s pension obligations. That plan includes amending the Illinois Constitution to allow changes to pension benefits, specifically those calling for an annual 3 percent cost-of-living adjustment, or COLA; introducing the Fund Stabilization Bonds Ordinance, legislation that Emanuel compares to refinancing a mortgage; and using revenue from legalized recreational marijuana and a Chicago-owned casino to pay directly into those pension payments.

Ralph Martire Executive Director at the Center for Tax and Budget Accountability and Arthur Rubloff Endowed Professor at Roosevelt Unviersity, Adam Shuster Director of Budget and Tax Research at the Illinois Policy Institute, and Laurence Msall, President of the Civic Federation, join WTTW's Chiocago Tonight to discuss Emanuel’s pension plan.

Source: WTTW Channel 11