Mayor Rahm Emanuel late today finally unveiled his long awaited plan to shore up the financially weak pension funds that cover police and firefighters and the measure would require the city to come up with hundreds of millions of dollars a year more than it does now.
But the payment ramp-up would be slower than under an existing state law that kicks in for the year beginning Jan. 1. Though the measure appears to have some strong backing, final approval is not guaranteed in a Springfield that appears about to go to war over the state budget and other matters.
Under the proposal, the $300 million a year the city now pays for the two funds combined would leap to $619 million in 2016, $672 million in 2017 and $824 million by 2020. But that's less than the $838 million the city would have to pay next year under existing law, Emanuel aides said.
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