Chicago Plans Tax Hike to Avert Insolvency for Largest Pension

Chicago Mayor Rahm Emanuel is seeking to raise utility taxes on water and sewer bills to keep the city’s largest pension from from running out of money, according to a person familiar with the plan. * Emanuel will discuss the plan at an investor conference in Chicago on Wednesday, according to the source, who declined to be named before the mayor’s announcement. * Without changes, the Municipal Employees’ Annuity and Benefit Fund of Chicago, the most underfunded of the city’s four pensions, is on track to run out of money within 10 years