CHICAGO – Chicago is moving to bypass the need for state approval -- at least temporarily – to funnel more money to two pension funds with the goal of staving off their looming insolvency and preserving the city’s stabilized credit ratings.

Mayor Rahm Emanuel introduced an ordinance Wednesday that taps the city’s home rule powers to implement the contribution piece of an overhaul of its municipal employees' and laborers’ pension funds. Various reform measures that require new employees to pay more will still have to wait for Gov. Bruce Rauner’s signature.

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