"Absent significant pension system reforms, it would cost the city [of Chicago] an extra $1.5 billion a year beginning in 2016 to start the process of restoring financial health to its pension funds, aldermen were warned Monday. If those costs kicked in, services would be cut, taxes would soar or both. Continuing to rely solely on property taxes to cover pension costs would result in a tripling of the city levy[.]"  MORE >>