Chicago wants more time to improve the funded status of its fire and police pension funds and increase employee contributions in order to reduce the burden on taxpayers of reforms signed into law by Gov. Pat Quinn earlier this year.

City chief financial officer Gene Saffold and budget director Eugene Munin unveiled the proposal, saying changes are needed to the original legislation to reduce a $550 million property tax hike in 2015. The city projects its changes would shave $240 million off that figure.

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