CHICAGO — With the 10 largest Chicago-area public pension funds facing a combined unfunded pension liability of $16.5 billion, Mayor Richard Daley on Friday announced the formation of a commission made up of the region’s top fiscal managers that will look at how best to strengthen the funds.

“It’s clearly in the best interests of all stakeholders — annuitants, present and future city employees, the city of Chicago, and our city’s taxpayers — that the pensions are funded to a level much higher than where they are today,” Daley said in a statement.

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