Despite significantly increasing its contributions to its pension plans, Chicago's unfunded pension liabilities could grow, at a minimum, for another 10 years," the report said.
Last month, the Chicago City Council approved a $7.8 billion budget that includes a highly unpopular tax hike proposed by Mayor Rahm Emanuel to make up for years of underfunding city workers' pensions. The package included a $543 million property tax hike, phased in over four years, increases in other fees, and spending cuts aimed at filling a $20 billion hole in the city's pension obligation.