By Associated Press - Wednesday, January 29, 2014

CHICAGO (AP) - Chicago Mayor Rahm Emanuel says Gov. Pat Quinn’s annual State of the State address laid out a vision for Illinois that will set the state on a path to success.

But Emanuel says in a statement Wednesday that “to right our financial situation and secure our future, we must address the municipal pension issue.”

Chicago’s pension funds for city workers, police officers and firefighters are about $19.5 billion short of what’s needed to meet its obligations.

Under state statute, Chicago’s pension contributions are scheduled to more than double, to about $1.07 billion. Emanuel has said making those payments could require big tax increases or severe cuts to services.

He wants lawmakers to approve pension legislation that will reduce the payments and the unfunded liability.

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