Mayor Emanuel close to deal with two union pension funds - FOX 32 News Chicago

Mayor Emanuel close to deal with two union pension funds

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CHICAGO (FOX 32 News) -

Mayor Rahm Emanuel is close to finalizing a deal on pension reform with Chicago's two major unions, according to reports.

The city is facing billions of dollars in unfunded pension obligations. It must make a $600-million payment next year to the police and fire pension.

Due to the pension problem, Chicago's credit rating has downgraded many times.

Mayor Emanuel's deal with the unions will represent building trades and white-collar employees.

State lawmakers and union members will have to approve the deal.

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