CHICAGO — A special pension commission named by Chicago Mayor Richard Daley has recommended increased contributions and policy changes to address the city’s pension funding crisis, but several panel members panned the proposals as falling far short of the more dramatic action needed to avert looming shortfalls.

The commission recommended pension plans adopt an actuarial-based funding policy rather than the current policy of employee contributions being based on a percentage of salary.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.