Chicago Hones Options to Fund Largest Pension

Chicago Mayor Rahm Emanuel is closing in on a set of proposals to raise revenue to fund its largest pension plan, the Municipal Employees Pension Fund.

There are several options on the table, according to the Chicago Sun-Times:

Mayor Rahm Emanuel is closing in on a deal to save the largest of Chicago’s four city employee pension funds that calls for a mix of cost cutting, employee tradeoffs and new revenue from beleaguered Chicago taxpayers.

The City Council’s Progressive Caucus last year served up a smorgasbord of revenue ideas that included a “stormwater stress tax” on big-box stores and other business giants that put pressure on the sewer system.

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Other possibilities:

* A fee specifically for pensions that would be tacked on to water bills, same as Chicago’s new $9.50 a month fee for garbage collection.

* Yet another property tax increase on top of the $588 million increase approved last fall for police and fire pensions and school construction, and the $175 million increase Emanuel has offered to impose for teacher pensions.

* An increase in utility taxes and fees on electricity, natural gas and telecommunications that account for 12 percent of all corporate fund revenue or $441 million this year.