Chicago moved closer to keeping its largest pension fund from running out of money within the next decade, Bloomberg News reported yesterday. The city council’s finance committee yesterday approved raising the levy on water and sewer usage over the next five years to avert insolvency for the municipal pension, the most underfunded of the city’s four retirement systems. Last month, Mayor Rahm Emanuel outlined his plan to get the Municipal Employees’ Annuity and Benefit Fund of Chicago to 90 percent funded in 40 years. The hike still needs to be adopted by the full council, which next meets on Sept. 14.
