Chicago mayor's fix to municipal pension fund seeks water, sewer tax
CHICAGO, Aug 3 (Reuters) - Chicago Mayor Rahm Emanuel unveiled on Wednesday a plan to save the city's biggest retirement system from insolvency with a water and sewer tax to be phased in over five years starting in 2017.
The municipal retirement system, which covers about 71,000 current and former city workers, is projected to run out of money within 10 years as it sinks under an unfunded liability of $18.6 billion. (Reporting by Karen Pierog; Editing by Chris Reese)
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