State pension ruling deals Emanuel triple blow on Chicago's finances

The Chicago Tribune reports:

The Illinois Supreme Court's decision to toss out the state's pension reform law dealt a triple blow to Mayor Rahm Emanuel's difficult task of shoring up Chicago's shaky finances.

First, the ruling could nullify pension deals the mayor struck last year with unions representing the city's laborers and municipal workers, sending Emanuel back to the bargaining table.

Second, the decision weakens Emanuel's negotiating position as he seeks pension concessions from Chicago police and fire unions, since the court made clear that public employees' retirement benefits cannot be diminished once they've been granted.

And third, the ruling adds another major problem to a stack that's already piled high at the Capitol, leaving less political oxygen as Emanuel tries to breathe life into his wish list of multiple fixes for City Hall and Chicago Public Schools pensions that includes a city-owned casino.

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