By CAROLINE PORTER And MARK PETERS
June 9, 2014 5:53 p.m. ET
CHICAGO — Illinois Gov. Pat Quinn cleared the way Monday for a plan to start repairing Chicago’s troubled public employee retirement system, signing a pension bill that restructures pension benefits for a majority of city workers.
Mr. Quinn said he signed the legislation because he agrees with the steps it takes to overhaul the city pension system. But he continued to oppose a related proposal by Chicago Mayor Rahm Emanuel to raise property taxes to help boost city payments into the pension system.
“I recognize that Chicago’s mission to find real solutions to its financial challenges will not be easy,” said Mr. Quinn in a statement.
The nation’s third largest city has one of the most underfunded municipal pension systems. Mr. Emanuel faces ballooning payments and the possibility some funds could run dry in a decade.