Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CHICAGO (AP) - Mayor Rahm Emanuel likes to talk about his city as a thriving center of commerce and a modern transportation hub.
But Chicago's image is threatened by a severe pension crisis.
Ballooning city pension payments could result in layoffs, higher property taxes and cuts in services.
Emmanuel wants the state legislature to raise the retirement age for city workers and cut cost-of-living increases for retirees. Morningstar Inc. says Chicago has the worst funded pension system of the 25 largest U.S. cities. The system is only 35 percent funded, compared to New York's 60 percent and San Francisco's 88 percent.
Lawmakers say they'll take up the issue next year. Labor unions are promising a fight.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)