CHICAGO — The bill for fixing Chicago’s underfunded pension funds would cost taxpayers at least $660 million annually and without action the funds will face shortfalls within the decade, according to a report released Friday by a special pension commission appointed by Mayor Richard Daley.

At the close of 2009, the city’s four pension funds had a combined actuarial liability of more than $25.4 billion and assets with a market value of $10.9 billion, for an unfunded liability of $14.6 billion that represents a collective funded ratio of just 43%.

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