The Latest: Chicago mayor disagrees with court on pensions

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Posted: Mar 24, 2016 2:34 PM
The Latest: Chicago mayor disagrees with court on pensions

SPRINGFIELD, Ill. (AP) — The Latest on the Illinois Supreme Court's decision that a Chicago public-pension fund bailout is unconstitutional (all times local):

1:20 p.m.

Chicago Mayor Rahm Emanuel says he disagrees with the Illinois Supreme Court's decision to reject a pension plan bailout but will work on a new solution.

The Supreme Court ruled Thursday that the rescue violated the state constitution's protection against "diminishing" pension benefits. It reduced cost-of-living increases and required larger employee contributions.

The city argued benefits in the funds affecting civil servants and laborers were preserved because it also required a steep increase in city contributions.

The Democratic mayor says he's committed to "ensuring employees and retirees have a secure retirement without placing the full burden on Chicago taxpayers."

Emanuel says the city will continue contributing what state law requires — $180 million in 2015. Without a fix the city says both pension accounts will be broke within 15 years.